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
Noble J. Johnson Noble J. Johnson Noble Jacob Johnson (August 23, 1887 – March 17, 1968) was a United States Representative from Indiana and an Associate Judge and Chief Judge of the United States Court of Customs and Patent Appeals. Born in Terre Haute, Indiana, Johnson attended the public schools. After reading law to be admitted to the bar in 1911, he commenced practice in Terre Haute from 1911 to 1917. He was a deputy prosecuting attorney for the forty-third judicial circuit of Indiana in 1917 and 1918. He served as prosecuting attorney for the same judicial circuit from 1921 to 1924. Johnson