ABC originally launched on October 12, 1943 as a radio network, separated from and serving as the successor to the NBC Blue Network, which had been purchased by Edward J. Noble. It extended its operations to television in 1948, following in the footsteps of established broadcast networks CBS and NBC. In the mid-1950s, ABC merged with United Paramount Theatres, a chain of movie theaters that formerly operated as a subsidiary of Paramount Pictures. Leonard Goldenson, who had been the head of UPT, made the new television network profitable by helping develop and greenlight many successful series. In the 1980s, after purchasing an 80% interest in cable sports channel ESPN, the network's parent merged with Capital Cities Communications, owner of several print publications, and television and radio stations. In 1996, most of Capital Cities/ABC's assets were purchased by The Walt Disney Company.