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
King Broadcasting Company King Broadcasting in 1987. Following Dorothy Bullitt's death, KING Broadcasting Company was sold to The Providence Journal newspaper in 1991, which was later sold to the Belo Corporation in 1997, which included King Broadcasting. Belo itself was acquired by the Gannett Company in 2013. Gannett's print and broadcast assets were split into two companies in 2015, with King Broadcasting following the broadcast assets into the newly created Tegna, Inc. The King Broadcasting name lives on as a holding company within Tegna's corporate structure (as is also the case with Multimedia and a forerunner of Combined Communications, Pacific and Southern Company,