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
History of WFAN chains operated by the National Broadcasting Company. By 1928, WEAF was purchased by NBC's parent company, the Radio Corporation of America. As a result of the North American Regional Broadcasting Agreement of 1941, WEAF became a clear-channel station and could be heard across most of the eastern half of North America at night. In 1943, the United States Supreme Court, citing antitrust concerns, ordered RCA to sell off one of its radio networks. The company decided to keep the Red Network, and it was rebranded as the NBC Radio Network after the Blue Network was divested to Edward J. Noble.