Leonard Goldenson
Goldenson orchestrated the merger of United Paramount Theatres with ABC in 1953 (after Paramount was ordered to spin it off in the wake of "United States v. Paramount Pictures, Inc.", a 1948 decree of the U.S. Supreme Court). ABC was originally formed in 1943 in the wake of an earlier Supreme Court decree effectively ordering the spinoff of the largely secondary-status "Blue Network" from its then-parent, NBC; its buyer, industrialist Edward J. Noble, tried to build ABC into a competitive Broadcasting company, but by 1951 was rumored to be on the verge of selling the nearly bankrupt operation to CBS, whose management apparently wanted ABC's critically important owned-and-operated television stations.
American Broadcasting Company
In 1983, ABC sold KXYZ to the Infinity Broadcasting Corporation. On January 4, 1984, "The New York Times" reported that ABC, through its subsidiary ABC Video Enterprises, had exercised its option to purchase up to 15% (or between $25 million and $30 million) of Getty Oil's shares in ESPN, which would allow it to expand its shares at a later date. In June 1984, ABC's executive committee approved the company's interest acquisition in ESPN, and ABC arranged with Getty Oil to obtain an 80% stake in the channel, while selling the remaining 20% to Nabisco. That year, ABC and Hearst reached an agreement with RCA to merge ARTS and competing arts service, The Entertainment Channel, into a single cable channel called Arts & Entertainment Television (A&E); the new channel subsequently leased a separate satellite transponder, ending its sharing agreement with Nickelodeon to become a 24-hour service. Meanwhile, ABC withdrew from the theme park business for good when it sold the Silver Springs Nature Theme Park.