Word: tisch
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Next, it turns out, was CBS. Last week Diller and CBS chairman Laurence Tisch announced that the Eye network would acquire QVC. CBS shareholders would own about 53% of the company, QVC shareholders the rest. If the deal goes through, Tisch will be chairman of the merged companies, and Diller will be president, CEO and chairman of the executive committee. QVC will designate five of the 12 members of the board of directors, including Diller. Tisch will own about 10% of the combined company (through his family-held company, Loews Corp., he owns 20% of the current...
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...
...chairman Laurence Tisch and QVC head Barry Diller said "the Tiffany network" would almost certainly go ahead in its surprise merger with the home-shopping giant. The result, to be finalized July 13 barring unforeseen snags, will be an altered TV landscape in which a top-rated network has substantial interest in cable. Investors are buying in: even before the official announcement, CBS stock shot up $48, to $311, and QVC's rose...