American Broadcasting Company which were related to advertising and were indexed compared to the number of listeners/viewers, failed to compensate for its heavy investments in purchasing and building stations. In 1951, a rumor even mentioned that the network would be sold to CBS. In 1951, Noble held a 58% ownership stake in ABC, giving him $5 million with which to prevent ABC from going bankrupt; as banks refused further credit, that amount was obtained through a loan from the Prudential Insurance Company of America. Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on
Weigel Broadcasting Weigel Broadcasting Weigel Broadcasting Company (a.k.a. Weigel Broadcasting) is an American television broadcasting company based in Chicago, Illinois, alongside its flagship station WCIU-TV (Channel 26), at 26 North Halsted Street in the Greektown neighborhood. It currently owns 16 television stations. The company was founded by Chicago broadcasting veteran John Weigel, whose career dated back to the 1930s. With $1,000 of his own money, and another $1,000 from his attorney, Daniel J. McCarthy, Weigel bought the broadcasting license for what became the first UHF television station in the Chicago area. WCIU signed on the air on February 6, 1964. One year