Word: tisch
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Dates: during 1980-1989
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About the same time, Tisch reportedly began disagreeing aloud with Wyman's optimistic assessments of CBS's future. He wondered whether the incumbent chairman's management style encouraged creativity, and began comparing Wyman's methods unfavorably with those of Paley. At the same time Tisch, a relentless bottom-line manager, cast doubt on whether Wyman's austerity measures, which have saved at least $100 million this year, were enough...
Step by step, Tisch's concerns were drawing him closer to Paley. The former chairman had his own grievances against Wyman (see box). As CBS-TV's fortunes declined, Paley fumed at the fact that Wyman never consulted him. Said a CBS board source: "He believes he can still put his imprint on programming...
...layoff announcements. The final stages of the drama began the night before the Sept. 10 session, over dinner in a private room at Manhattan's Ritz-Carlton hotel. Originally Wyman had planned to be host to the affair for a number of board members, but then he suddenly canceled. Tisch also was not present...
After the meeting, Tisch told TIME his first reaction to Wyman's Coca- Cola proposal was "shock." He had heard "rumors" that various other companies were eyeing CBS for a possible buyout, Tisch added, "but I didn't think any of it was real. It was a complete surprise to me. Eventually I said that when I bought stock in this company it was with the intention of maintaining CBS as a completely independent company. I said that the CBS stock of Loews Corp. was not for sale. It was very upsetting...
...hours. Board members heard legal opinions that they had no obligation to put CBS up for sale. But as one of those present put it later, the directors were also warned ; that "once you begin entertaining outside offers, you have to listen to all offers." A participant recalls that Tisch declared once again that his stock ownership "wasn't a takeover by Loews. He emphasized that he had a big stake in the company and that he was willing to work very hard as a director...