The American Broadcasting Co., onetime stepchild of NBC, last week put on its long pants. The Federal Communications Commission approved the ambitious expansion plans of Owner Edward John Noble, 63.
First thing ABC plans to do is to float its first public stock issue of 950,000 shares. That will bring in some $13,000,000, of which $3,630,000 will be used to buy Detroit's King-Trendle Broadcasting Corp. Other millions are earmarked for big, but nebulous, plans for a nationwide chain of television and FM stations. Although the new stock issue will cut Noble's interest in ABC from 71.39% to 36.52%, no one was...
To continue reading:
or
Log-In
