Word: tisch
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...Tisch brothers are generous donors to several charities. They have given more than $10 million to New York University, where Larry Tisch is chairman of the board of trustees. He is a trustee of the New York Public Library and the Metropolitan Museum of Art. "I feel I must give back," says Tisch. He and his brother are active patrons of and participants in various Jewish organizations, including the Federation of Jewish Philanthropies and the United Jewish Appeal. The family is religious: once a week a Talmudic scholar comes to Tisch's office, where he and two of his sons...
...clan members are unusually close. Three of Larry Tisch's four sons own homes within a twelve-minute drive of his country house. Says Steve Tisch, 37, an independent Hollywood producer (Risky Business) who is Bob's eldest child and has no connection with the family business: "It's remarkable for two guys who have built an empire, yet they have never been too busy for their children...
...devotion to family was instilled in the Tisch brothers early on. Says Washington Journalist Elizabeth Drew, a first cousin: "They have been unshakably close since their boyhood." The boys grew up in Brooklyn and Manhattan. Their father owned a small boys' clothing company as well as two summer camps in New Jersey. After graduating from N.Y.U. at 18, Larry earned a master's degree in industrial engineering from the University of Pennsylvania. In 1946, after his brief stay at Harvard Law School, Larry and Bob persuaded their father to help them buy a Lakewood, N.J., resort hotel called Laurel...
Using their fast-accumulating profits and borrowing against their growing assets, the Tisch brothers built up a chain of nine properties in 13 years. One prize: the opulent Americana hotel in Miami Beach. The hotel industry was booming, but not many operators were skillful managers. The Tisch brothers had a knack for keeping costs down and sales up. By 1960 their net worth was estimated at $65 million...
...satisfied to stand still, Tisch hankered after the bigger, bolder deal. In 1960 he found a worthy object for his ambition in Loew's Theatres, a chain of 118 movie houses. Like many a later Tisch target, the company was undervalued. Reason: many of the theaters rested on prime city real estate, whose worth was not reflected in the stated, or book, value of the firm. After taking over the company, the brothers sold off the most valuable sites and renovated many of the remaining theaters...