Cumulus Media Networks the market, it was sold in 1943 to businessman Edward J. Noble, owner of Life Savers candy and the Rexall Drug store chain, for the asking price. After Noble took over, the network identified itself on-air as "The Blue Network." It was officially renamed the "American Broadcasting Company, Inc." in June 1945 after the company bought the rights to the name from (what would later become) Storer Broadcasting. With about 65 affiliates, ABC began with few of the big names and popular shows the other networks offered, so counter-programming became an ABC specialty. Industry policy had been to forbid taped
American Broadcasting Company and the brand associated with the Blue Network. Investment firm Dillon, Read & Co. offered $7.5 million to purchase the network, but the offer was rejected by Woods and RCA president David Sarnoff. Edward J. Noble, the owner of Life Savers candy, drugstore chain Rexall and New York City radio station WMCA, purchased the network for $8 million. Due to FCC ownership rules, the transaction, which was to include the purchase of three RCA stations by Noble, would require him to resell his station with the FCC's approval. The Commission authorized the transaction on October 12, 1943. Soon afterward, the