Word: tisch
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Dates: during 1990-1999
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...favorite pastime on Wall Street is watching megamergers come together -- and then, sometimes, picking them apart. In this one, the prime mover was Daniel R. Tisch, second son of Larry Tisch and general partner of the risk and arbitrage investment firm Mentor Partners. Says Danny, who encouraged Tisch to buy CBS stock in 1985: "My father has four very smart sons -- or three very smart sons and myself -- and my basic business is trading in securities and investing in securities and takeovers and in mergers and acquisitions. So I do have a fairly good idea of any of the issues...
...February, as Diller's Paramount proposal waxed, waned and went under, Daniel Tisch first broached the CBS-QVC deal to takeover lawyer Martin Lipton, one of whose clients was Diller. The chat with Lipton, says Danny Tisch, "wasn't done with Larry Tisch's okaying or not okaying. It was just saying, gee, if the Paramount-QVC transaction looks good, think about what a CBS-QVC fit would look like. Lots of sex appeal...
...late May, Fox sideswiped CBS, stealing eight affiliates to bolster its station roster. For Larry Tisch, 71, this was a humbling, sapping loss. After < huddling with family members, he put out the word that he was ready to consider any good offer seriously. In marched Diller, 52 and still hungry...
According to several sources, QVC's subsequent offer included a cash buyout of CBS, a move CBS declined. Then Diller, with Lipton and Herbert Allen of Allen & Co., whom Danny Tisch calls "the real financial architects of this transaction," rejiggered the proposal as a merger between equal parties. "Around June 10," recalls Danny, "we sat down -- my father, my brother Jimmy, who is executive vice president at Loews, and I -- with Marty Lipton. We didn't really come up with any negatives...
...past year, the network that Larry Tisch is credited with turning around has experienced positives and negatives in equal measure. CBS had become the first network to lead the ratings in daytime (with hot soap operas like The Young and the Restless), prime time (with aging but still potent shows like 60 Minutes and Murphy Brown) and late night (with the boffo debut of David Letterman). But its triumphs on the air were clouded by fiascos in the conference rooms. Losing the affiliates to Fox was only part of it. The Eye web had fumbled its rights to N.F.L. games...