Word: loews
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...companies, Baltimore's Commercial Credit Co. (assets: $3.3 billion) generates the kind of cash flow that businessmen dream about. That, together with the fact that its management owns less than 1% of the company's stock, has made it a prime target for takeover. When Manhattan-based Loew's Theaters Inc. undertook to win control of the company with a tender offer to shareholders last month, Commercial Credit's board decided that it would much prefer a partner of its own choosing. Last week it moved to sidestep Loew's by agreeing to merge with...
...deal, involving at least $580 million in Control Data securities, must be approved by shareholders of both companies-and that could prove to be a major hurdle. The reason is that Loew's, apart from whatever additional stock it may pick up through its tender offer, is already Commercial Credit's biggest stockholder, having bought almost 10% of the company's shares on the open market during the past year. And Loew's President Laurence Tisch, assailing the proposed get-together with Control Data as a "shotgun wedding," was plainly in no mood to surrender...
More Louis than Loew. The theater, formerly part of the Orpheum chain, had fallen on evil days. Its gaudy decor, a melange of rococo cupids, art nouveau statuary and Buddhist-Byzantine shrines, was shrouded in brownish dust. Decorator Clark Graves painted over most of the Byzantine and the Loew camp, highlighting those motifs which Louis XIV might have allowed in Versailles...
...major hits whose yields are ten times as large as a decade ago-for example, an estimated $30 million at the box office for Goldfinger, $50 to $60 million for My Fair Lady. Besides, most of the big chains now depend on other fields for most of their income: Loew's has become essentially a hotel business, Stanley Warner concentrates on girdles (Playtex) and AB-Paramount is heavily in radio and TV. Though it has diversified into real estate, CATV and savings and loans, National more than the others still depends on the theaters as its "eating business...
...once heroic 100,000-mile-a-year traveler has been superseded by the 250,000-mile man; both Kaiser Industries President Edgar Kaiser and Loew's Hotel President Preston R. Tisch flew that far last year. Jets also make it possible for prosperous executives to live in one climate and relax in another. Pan Am has a regular clientele of Manhattan businessmen who have bought winter homes in Nassau, jet from snow to sun weekends on an easy 2-hr. 50-min. flight...