Word: tisch
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...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...
...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...