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
Edward J. Walsh Edward J. Walsh Edward Joseph Walsh (March 5, 1942 – February 14, 2014) was an American political journalist and foreign correspondent for "The Washington Post" and "The Oregonian". Born in Chicago, Illinois, Walsh graduated from the College of St. Thomas, now the University of St. Thomas, in Saint Paul, Minnesota, in 1963. He did graduate work in journalism and political science at Marquette University in Milwaukee, Wisconsin. He began his reporting career with the "Catholic Messenger" in Davenport, Iowa followed by reporting for the "Houston Chronicle". In 1971, Walsh began a 33-year career with "The Washington Post", during which he