Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on a proposal for UPT to purchase ABC. Noble received other offers, including one from CBS founder William S. Paley; however, a merger with CBS would have forced that network to sell its New York City and Los Angeles stations at the very least. Goldenson and Noble reached a tentative agreement in the late spring of 1951 in which UPT would acquire ABC and turn it into a subsidiary of the company that would retain autonomy in its management. On June 6, 1951, the tentative agreement was approved by UPT's board of directors. However, the transaction had to be approved by the FCC because of the presence of television networks and the recent separation between Paramount and UPT. Insofar as Paramount Pictures was already a shareholder in the DuMont Television Network, the FCC conducted a series of hearings to ensure whether Paramount was truly separated from United Paramount Theatres, and whether it was violating antitrust laws.