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He ini Radio News Service
7/10/46
AMERICAN BROADCASTING CO. STOCK PROPOSAL EXPLAINED TO FCC
Financial plans of the American Broadcasting Company were set forth Tuesday in a hearing before the Federal Communications Company in connection with the company’s application for approval of the issuance by ABC of 950,000 additional shares of common stock, to be sold for about $13,200,000, with which it is proposed to retire its bank loan of $4,000,000; to purchase the King-Trendle properties, including Stations WXYZ in Detroit, and WOOD in Grand Rapids for $3, 650,000; to use $3 , 200,0 00 for expenditures on fre¬ quency modulation and television, and the balance on structural improvements and equipment.
Involved in the proposed acquisition of the King-Trendle properties is a proposed resale of Station WOOD to the Liberty Broadcasting Company of Michigan (the Wolverine network) for $850,000,
Edward J. Noble, Chairman of the Board and principal stockholder, told the Commission that when in 1943 he bought the Blue Network for $8,000,000, putting in $4,000,000 of his own money, he then owned 100 per cent of the stock, while after the proposed financing, if approved, he will still have about $4,000,000 in ABC, but, instead of 100 per cent, will own less than 36 per cent of the stock.
"I did not buy the Blue Network as a speculation", he said. "I bought it to acquire an opportunity to build a great radio network. I am not interested in selling the company at any price.
The proposed financing is solely for the benefit of the company. I am not selling and have no intention of selling any of my shares this year or next or any future year so far as one can humanly know. It is my desire and ambition to help develop the still unrealized potentialities of radio as one of our nation* s richest assets bringing entertainment, enlightenment and education to all people. H
Mark Woods, President of ABC, said that the proposed ac¬ quisition of the King-Trendle properties was in no way dependent on the Commission’s approval of the proposed new stock issue.
"We were planning that purchase, anyhow", he told FCC Chairman Charles R. Denny.
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RUSSIA HAS ONLY 75,000 SW SETS; U.S. TO GET BUSY ANYWAY
The fact that Russia with a population of 170,467,572 has only about 75,000 short-wave receiving sets capable of picking up the United States hasn’t dampened the ardor of the State Depart¬ ment to begin broadcasting Russian programs by shortwave to that country by October 1st. Assistant Secretary of State Benton who had a terrific time getting an appropriation from Congress for this purpose said the American Embassy in Moscow had recommended trying
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