Word: tisch
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...defections by suppliers and disappointing holiday sales, the New York City retailer dubbed the world's largest store is on the verge of bankruptcy. Last week, only hours before a deadline to pay some of its creditors, Macy's almost found a savior in the person of billionaire Laurence Tisch, chairman of CBS and a member of the retailer's board. Through his family-controlled Loews Corp., Tisch offered to purchase the store chain and inject as much as $1 billion in new capital, buying out stockholders and bond owners at prices below the face value of their investments...
...Unbelievable!" Tisch moaned on reading one charge, tossing his newspaper against the flowers that adorned his private dining table. To reports that some CBS News stars had offered to take salary cuts in order to save jobs, Tisch scoffed, "These are the biggest bunch of liars I've ever seen in my life!" His son Jimmy came into the office to commiserate. "Calm down, Dad," he pleaded...
...Auletta, a resourceful and very fortunate reporter, was sitting at breakfast with Tisch that morning. In fact, Auletta seems to have been practically everywhere he wanted to be over the past six years. He began researching Three Blind Mice, his exhaustive behind-the-scenes look at the three broadcast networks, just as they were entering the most turbulent phase in their history. Cable and other competitors were gaining power; network audiences were shrinking; new corporate owners, with a bottom-line orientation, were taking control. Through it all, Auletta was the proverbial fly on the wall. He talked regularly with...
...which took over NBC in 1986, treated the network as another GE unit to be whipped into shape. (Why, Welch wondered, was there so much agonizing over layoffs at NBC when hundreds of people were getting axed at GE's turbines division? "You think they're happy?" he snapped.) Tisch, the Loews chairman who had never fired an employee before taking over CBS in 1986, is portrayed as a Wall Street trader with no strategic vision and few management skills. Tom Murphy, who engineered Capital Cities Communications' 1985 acquisition of ABC, is the hero of this tale by default. Though...
...piece about the alleged decline of editing standards in book publishing. To be sure, Auletta's 600-plus-page account could use trimming. But his writing is never less than serviceable, and usually quite lucid. A bigger problem lies in the subject itself. Each of the episodes Auletta recounts -- Tisch's fight to gain control of the CBS board, ABC News president Roone Arledge's battle to keep 20/20 on Thursdays at 10 p.m. -- was once a hot topic in media circles. Today they seem more like questions for a 1980s edition of Trivial Pursuit. In his zest for detail...