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
Edward Quartermaine on Charles Street. Edward became so anxious to shut down Ned's singing career that he bought Ned's record company, L&B, right out from under the noses of Ned's wife, Lois, and her business partner, Brenda Barrett. Lois got her company back with the help of Jasper "Jax" Jacks, and Jax got a spot on the ELQ board, which did not make Edward happy, especially when Jax teamed up with Tracy to take over ELQ. When this plan came to light, Edward banished his daughter a third time. When Edward found out Jason fathered a child, Michael, Edward became obsessed with