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. 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.