Word: diller
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...deal does hold, most industry analysts see it as a smart move toward the future by CBS, a conservative outfit with a maturing lineup of shows in that old fogey of the video market, network television. "Diller will create synergy," says Bishop Cheen, a Kagan analyst, "by wearing three hats. Number one, the network hat, and there's he's a Hall of Famer. Two, the programming hat: he will create good and cheap programming. And third, merchandiser -- a hat that has never been worn at CBS with any great authority. He'll merge two favorite American pastimes: shopping...
...February, as Diller's Paramount proposal waxed, waned and went under, Daniel Tisch first broached the CBS-QVC deal to takeover lawyer Martin Lipton, one of whose clients was Diller. The chat with Lipton, says Danny Tisch, "wasn't done with Larry Tisch's okaying or not okaying. It was just saying, gee, if the Paramount-QVC transaction looks good, think about what a CBS-QVC fit would look like. Lots of sex appeal...
...late May, Fox sideswiped CBS, stealing eight affiliates to bolster its station roster. For Larry Tisch, 71, this was a humbling, sapping loss. After < huddling with family members, he put out the word that he was ready to consider any good offer seriously. In marched Diller, 52 and still hungry...
According to several sources, QVC's subsequent offer included a cash buyout of CBS, a move CBS declined. Then Diller, with Lipton and Herbert Allen of Allen & Co., whom Danny Tisch calls "the real financial architects of this transaction," rejiggered the proposal as a merger between equal parties. "Around June 10," recalls Danny, "we sat down -- my father, my brother Jimmy, who is executive vice president at Loews, and I -- with Marty Lipton. We didn't really come up with any negatives...
...programming. "CBS could have gotten a cable channel for almost nothing," says the TV-industry executive. "They would just have to have invested some start-up money. But to Tisch it didn't mean anything because he doesn't feel it in his gut, like a Murdoch or a Diller does. He walked away from every deal he was presented! He has no vision about what the mass-media business is going to be, no feeling for where the future...