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Not exactly a soap, but NBC broadcast a show each weekday from 12-1pm pst. called "Matinee Theater." This one hour program telecast live and in color consisted of both original teleplays and adaptations from known authors. The show was hosted by John Conti and aired from Hollywood from Oct. 1955 to June 1958.
As for color television in Memphis,Tenn. I would guess that at least the NBC affilate could broadcast their network color programs by the mid to late 50's.
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