Word: tisch
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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...
...largest institutional investors expressed unhappiness over these events. They saw Tisch as a shopkeeper and not the right kind of dreamer. "It's that vision thing," says Harold Vogel of Merrill Lynch. "His idea of a vision is another year of winning the ratings war, and that's it. That's not the way you grow a network." The only thing that was growing at this network was the list of jokes about it. Rush Limbaugh recently referred to "the three major networks -- four, if you count...
...quick, happy fix for two media barons under pressure. Diller gets to make a network grow into a giant of cable, broadcasting and only he knows what else (theatrical movies? video games? TV serials for home shoppers?). And CBS gets Diller. In essence, to secure an heir, Tisch bought a company. And a legacy. "Larry gets to walk out," says the TV-industry executive, "not as a failure, but as someone who took the company and turned it around. Now he's a winner: he's probably $400 million ahead of his original investment, and he's still...
...rival swains are surely on the prowl. Right now CBS looks like a pretty blond in a lowcut dress who goes to a singles bar to announce her engagement. The leaking of the news so far in advance of the board meeting suggests at least that Tisch intends to consider other offers, which would further inflate the stock. One CBS executive admitted that Tisch went public with the merger news because "he fervently believes in doing a deal that makes the best sense for the shareholder. If the shareholders end up determining that there's a better deal, then . . ." Then...