American Broadcasting Company a proposal for UPT to purchase ABC. Noble received other offers, including one from CBS founder William S. Paley; however, a merger with CBS would have forced that network to sell its New York City and Los Angeles stations at the very least. Goldenson and Noble reached a tentative agreement in the late spring of 1951 in which UPT would acquire ABC and turn it into a subsidiary of the company that would retain autonomy in its management. On June 6, 1951, the tentative agreement was approved by UPT's board of directors. However, the transaction had to be approved by
Edward J. Powers Edward J. Powers Edward J. Powers was an American business executive who served as president and general manager of the Boston Garden. Powers was born in Haverhill, Massachusetts. He graduated from the Bentley School of Accounting and Finance and the Northeastern University School of Business. Prior to working for the Boston Garden, Powers was a junior accountant for a Boston tool company. After spending months lobbying Boston Garden treasurer George Clare for a job, Powers was hired as an accounting clerk in January 1929. He moved up the ranks to the positions of vice president-assistant treasurer and then vice president-treasurer.