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
J. Edward Hall J. Edward Hall James Edward Hall (August 22, 1851 – May 3, 1889) was a socialist trade union organizer and politician. He is best remembered as one of the organizers of the New York Central Labor Union and one of the first American socialists nominated for high political office, heading the New York state ticket of the Socialist Labor Party of America as its candidate for Governor in 1888. J. Edward Hall was born August 22, 1851, in Glen Cove which was then a village in Queens County, and is now a city in Nassau County on Long Island. He