Word: tisch
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...clan members are unusually close. Three of Larry Tisch's four sons own homes within a twelve-minute drive of his country house. Says Steve Tisch, 37, an independent Hollywood producer (Risky Business) who is Bob's eldest child and has no connection with the family business: "It's remarkable for two guys who have built an empire, yet they have never been too busy for their children...
...devotion to family was instilled in the Tisch brothers early on. Says Washington Journalist Elizabeth Drew, a first cousin: "They have been unshakably close since their boyhood." The boys grew up in Brooklyn and Manhattan. Their father owned a small boys' clothing company as well as two summer camps in New Jersey. After graduating from N.Y.U. at 18, Larry earned a master's degree in industrial engineering from the University of Pennsylvania. In 1946, after his brief stay at Harvard Law School, Larry and Bob persuaded their father to help them buy a Lakewood, N.J., resort hotel called Laurel...
Using their fast-accumulating profits and borrowing against their growing assets, the Tisch brothers built up a chain of nine properties in 13 years. One prize: the opulent Americana hotel in Miami Beach. The hotel industry was booming, but not many operators were skillful managers. The Tisch brothers had a knack for keeping costs down and sales up. By 1960 their net worth was estimated at $65 million...
...satisfied to stand still, Tisch hankered after the bigger, bolder deal. In 1960 he found a worthy object for his ambition in Loew's Theatres, a chain of 118 movie houses. Like many a later Tisch target, the company was undervalued. Reason: many of the theaters rested on prime city real estate, whose worth was not reflected in the stated, or book, value of the firm. After taking over the company, the brothers sold off the most valuable sites and renovated many of the remaining theaters...
...Tisch had no real master plan in building his empire, no carefully crafted long-term strategy to consult. He just looked for good deals, an elusive goal for many corporate chiefs. In the late 1960s, Tisch started playing the takeover game. His first catch was Lorillard, maker of Kent and True cigarettes. In 1968 Loews acquired the company in a friendly deal, but soon after the merger was completed, Tisch, taking an active hand, forced out the company's chief executive. No sense in sitting back and watching an acquisition turn sour, he believed. Lorillard profits subsequently showed stronger growth...