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
King Broadcasting Company companies that were eventually absorbed into Gannett as well). It is still the licensee for the former King Broadcasting television stations, except KHNL, which Belo sold to Raycom Media in 1999, and (for a short while) KGW, which was spun off to Sander Media as part of the Belo acquisition due to Gannett's ownership of the Statesman Journal newspaper in Salem, Ore. Gannett operated KGW through a shared services agreement, an arrangement that was inherited by Tegna. However, KGW was reunited with its King Broadcasting stablemates when Tegna fully acquired the Sander-held stations in December 2015. King Broadcasting Company established