Word: tisch
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Dates: during 1990-1999
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...DECISION CAME SWIFTLY AND with little drama. CBS shareholders, in a meeting last Thursday at New York City's Museum of Modern Art, voted overwhelmingly to approve a $5.4 billion buyout offer from the Westinghouse Electric Corp. Before the vote, however, chairman Laurence Tisch had to face the usual gauntlet of indignities. One disgruntled stockholder rose to celebrate "being liberated from the Tisch regime." Another castigated the chief executive's record and said he had "presided over the destruction of CBS as a cultural and educational leader." (Tisch defended his decision to sell off the record and publishing divisions...
...scrapping of the Wigand interview prompted instant speculation that news decisions had fallen victim to the corporate bottom line, it was force of habit. Since taking control of CBS in 1986, Tisch has been a bottom-line boss. He sold off key pieces of the company (notably CBS's publishing and music divisions), instituted drastic cost-cutting measures and shied away from paying big bucks at key junctures. Two years ago, CBS lost its perennial Sunday-afternoon N.F.L. football franchise when it was outbid for the games by Rupert Murdoch's Fox network. A few months later the network lost...
MORTIMER ZUCKERMAN, THE REAL estate and publishing magnate, was throwing a typically glamorous luncheon at his Fifth Avenue apartment. Gathered at one table were takeover maestro Henry Kravis, billionaire Laurence Tisch, New Yorker editor Tina Brown and her husband Harry Evans, the head of Random House, along with some luminous stars of TV journalism--Diane Sawyer, Mike Wallace, Peter Jennings and Barbara Walters. It was a pretty predictable guest list for this crowd. But there was someone sitting at the same table who does not make a regular haunt of Fifth Avenue apartments. Uncharacteristically dressed in a suit, his beard...
Last week television networks were the hot property. No sooner had Disney thrown in its lot with Capital Cities/ABC than Westinghouse placed a bet with CBS to acquire the network after striking a deal with its president, Laurence Tisch, for $5.4 billion. The deals are dazzling not for their novelty--the mood to merge has been upon much of corporate America this year, with announced deals for the month of July alone totaling $50 billion--but for what they say about the value of networks in today's marketplace. CBS may be the third-rated network of the Big Three...
...vintage Murdoch: The pre-emptive bid outside all bounds of fiduciary caution, based not on the calculations of investment bankers but rather on what Murdoch felt the franchise was worth to him. He knew CBS had the right to top Fox's final bid but believed cbs chairman Laurence Tisch would bring his legendary tightfistedness to the table. "We knew we had to go with a figure that would cut him off psychologically," says Murdoch, relishing the memory...