American Broadcasting Company a proposal for UPT to purchase ABC. Noble received other offers, including one from CBS founder William S. Paley; however, a merger with CBS would have forced that network to sell its New York City and Los Angeles stations at the very least. Goldenson and Noble reached a tentative agreement in the late spring of 1951 in which UPT would acquire ABC and turn it into a subsidiary of the company that would retain autonomy in its management. On June 6, 1951, the tentative agreement was approved by UPT's board of directors. However, the transaction had to be approved by
Edward J. Barcalo Edward J. Barcalo Edward Joel Barcalo (1870–1963) was an American businessman, noted for founding the Barcalo Manufacturing Company, perhaps best known for the Barcalounger. He was born in Mt. Morris, in the state of New York. Living in Buffalo, New York, Barcolo founded the Barcalo Manufacturing Company in 1896: it originally produced tools, but expanded into the furniture market. By the early 1950s the company had over 550 employees. In 1916, he was serving as the president of the Associated Manufacturers of New York State. Barcalo received U.S. Patent no. 719,685 for the invention of a bed spring. In addition,