Word: stockings
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Dates: during 1980-1989
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...head of the $17.5 billion Loews corporate empire is often surprising but rarely anything less than impressive. On Wall Street, where wizards come and go with the shifting sands of the stock market, Larry Tisch has for decades inspired awe as an uncannily successful investor. He is cautious where others are carefree, daring while others are timid. In corporate boardrooms across the U.S., Tisch is known and feared as a tough negotiator who will disarm his strongest adversary and tenaciously protect his investments. To his 22,000 employees, the name Tisch is synonymous with an unerring ability to control...
...Loews, where his family controls 24% of the stock, Tisch operates hotels from Manhattan to Monte Carlo and owns subsidiaries that sell cigarettes, insurance and watches. This motley collection of businesses last year earned $589 million on sales of $6.7 billion. In addition to its stake in Loews, the Tisch family owns real estate scattered across the country and a vast stock and bond portfolio. Though the domain sometimes seems too enormous to comprehend, much less oversee, Tisch is rarely fazed by his responsibilities. He told TIME last week, "I find business very relaxing. I look forward every...
Tisch may have had several motives for buying into CBS. First he was looking, as always, for a lucrative investment, and the price of CBS stock seemed right. Says Tisch: "Originally we invested in CBS as part of the opportunity of the moment. The stock went down to a point where we thought it was interesting." Tisch figured that sooner or later he could realize a profit on his investment...
...Paley, it is a triumphant return to a throne that he had never really wanted to relinquish. But clearly the man who has captured control of CBS is Tisch, 63. The shrewd investor and conglomerateur is now far and away the company's largest shareholder, with 24.9% of its stock (Paley is next with 8.1%). The irony of Tisch's sudden rise to dominance was considerable, since the soft- spoken, bald executive first purchased CBS shares last year largely at Wyman's behest, in an effort to buttress the network's anti-takeover defenses...
Wyman's internal troubles really started with the series of takeover bids that began plaguing CBS last year. A campaign orchestrated by North Carolina's Helms urging grass-roots conservatives to buy stock in order to "become Dan Rather's boss" was mostly a nuisance. But then came a play by Arbitrager Ivan Boesky, who took an 8.7% position in CBS stock until warded off with a lawsuit. Finally, in April 1985, Atlanta Cable-TV King Ted Turner launched his own $5.4 billion bid to take over the network. Turner may not have had the resources...