Red and blue text on a white background.
THE AMERICAN BADGE CO CHICAGO, 166
This is a button from Chicagoland Television Open House, a two week celebration that started on April 5th, 1948. The celebration was started by the first broadcast (a two-hour WGN-TV Salute to Chicago special) made by WGN-TV, a television station founded by the Chicago Tribune; the letters "WGN" were chosen because of the newspaper's slogan, "World's Greatest Newspaper." During the Open House, over 500 retailers invited people to view WGN-TV on the newest video receivers, often in comfortable "living rooms" inside the stores, to show how nicely televisions fit into home living spaces.
Sources: Wikipedia (2015 July, 7). WGN-TV. Wikipedia: The Free Encyclopedia. https://en.wikipedia.org/wiki/WGN-TV
Wolters, Larry (1948 April, 4). Chicago at focal point as video boom spreads. Chicago Sunday Tribune. sect. 5, p. 1.