Word: tisch
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Dates: during 1990-1999
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Wall Street wasn't sure who would be boss, but it responded emphatically. The day the merger was announced, the stock of both CBS and QVC rocketed 19%. It pumped up a QVC stock value that had been cut sharply after the Paramount sortie. And it brought Tisch's company almost back to its May level, before CBS got a black eye by losing eight of its affiliate stations to Fox. CBS had also suffered wounds from an earlier affiliate raid by Rupert Murdoch, owner of the News Corp. (which includes the Fox network), and Revlon magnate Ronald Perelman...
...company he hopes will be his big new home. The day the deal was announced, he called Evening News co-anchor Dan Rather for a chat and was escorted around the network's New York City broadcast center on 57th Street by Howard Stringer, CBS's Broadcast Group president. Tisch said Stringer would stay on in the new regime. And Diller, who has often castigated the bigger networks as boring and bloated, promised that there would be no ticker-tape parade of pink slips...
...before Diller can make policy, he must make the deal. He must help sell it to the boards and shareholders of both companies, and help keep it from enticing other companies avid for a big buy. Diller may even have to convince himself that Tisch -- a proud man, stung by accusations that he is a timid blunderer in the high-speed world of entertainment commerce -- is not using the Diller name to entice a corporate behemoth with a fatter wallet...
...potential plot twists. For a start, the CBS and QVC boards do not convene (separately) to discuss the merger until July 13. "It's not like the board is coming in tomorrow ratifying to do it," says a TV industry executive who is close to both Diller and Tisch. "It's not coming in for another 10 days! You got the July Fourth weekend -- what do you think is going to happen over that time? A lot of meetings. You can name 10 possible suitors for CBS: all the studios that could afford to pick...
...Tisch insists that "this company will not be shopped. This deal will not be shopped. We are not selling. We are simply merging two companies, and it's a genuine merger." But many on Wall Street do not believe him. "CBS is clearly in play," says Bruce Thorp, an analyst for PNC Bank. "This deal implies that it's open to all comers." Some analysts insist that CBS is worth $6.4 billion, or $400 a share -- nearly $100 more than last week's closing price. CBS must look mighty fetching to companies (like Disney and other studios) with an itch...