Word: loewe
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Dates: during 1960-1969
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...increasingly elastic. Tax laws give companies great latitude in deciding how to treat both assets and costs that affect profits. Frequently, companies quite legally report results one way to the public and another to the tax collector. The conglomerates in particular are worried. Says Chairman Laurence Tisch Jr. of Loew's Theaters: "Accounting tricks are taking over. There's no rule on how to keep the books. You can make up your own mind...
Died. Nicholas Schenck, 87, an old-style movie mogul who helped found Loew's Inc. and Metro-Goldwyn-Mayer; of a stroke; in Miami Beach. Schenck's life was a Hollywood cliche in itself. The son of poor Russian immigrants, he scraped for nickels and dimes on Manhattan's Lower East Side, invested in beer concessions and amusement parks, finally in 1919 had enough of a stake to join Marcus Loew in founding the movie-house chain that spread across the U.S. MGM studios followed in 1924, and Schenck, armed with such stars as Clark Gable, Jean...
...rebound principle apparently works in matters of business as well as affairs of the heart. Early this year, when cigarette-making Lorillard Corp. tried to merge with Schenley Industries, it was rebuffed in favor of the Glen Alden Corp. Meanwhile, Loew's Theaters Inc. was scorned when it attempted to merge with Commercial Credit Corp., which opted instead to merge with Control Data Corp. Last week the two losers got together on the rebound. In a complicated swap of Lorillard stock for that of Loew's (value of the exchange: at least $418 million), the two companies plan...
...announcement of the prospective merger between Loew's and Lorillard took Wall Street by surprise. Negotiations had been secretly carried on in suburban Scarsdale, N.Y., where both Loew's Chairman Laurence A. Tisch and Lorillard Chairman Manuel Yellen live. Meeting at the Tisch home in Scarsdale, Tisch and Yellen were able to work out within one week a deal by which Lorillard's product line (Kent, True, Newport, Old Gold and Spring cigarettes, Tabby cat food and Reed candies) will join the 14 hotels and 110 theaters controlled by Tisch and a younger brother. The merged company...
...York Times-used it to purchase a resort hotel in New Jersey. He and his brother expanded before long to New York, where they bought or built such hotels as the Drake, the Warwick and the Americana. In 1960, at the ripe age of 37, Tisch acquired Loew's. The hotel and theater chain has grown a lot since then, but it is still only a quarter the size of the cigarette maker it took over last week...