Word: tisch
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...that were not enough, a high-level corporate struggle may be brewing. Laurence A. Tisch, who cofounded the Loews Corp. with his brother Preston and emerged last year as a white knight to protect CBS against further takeover attempts, has assumed a more threatening visage. Tisch began buying CBS stock last summer and in October got Government permission to increase Loews' holdings to as much as 25% of CBS's voting stock. But Tisch, who now has a seat on the CBS board of directors, reportedly refused the company's request to sign a standstill agreement that would bind...
...enormous bureaucracy (780,000 employees). For months the Postal Service board has been looking for a replacement for outgoing Postmaster General Albert V. Casey, a former airline executive who streamlined an unwieldy management during his brief seven-month tenure. Last week the board picked Preston R. (Bob) Tisch, 60, president of Loews Corp. in New York City...
...businessman, Tisch certainly looks like a winner. Starting with a single hotel in New Jersey, he and his brother Laurence built a $7 billiona-year conglomerate. Tisch's mandate at the Postal Service will be to cut costs without alienating labor or losing an edge to increasingly competitive and technologically innovative private industry. Not an easy task, never mind snow, rain, heat or gloom of night...
Wall Streeters are wondering if CBS will become the next jewel in the Tisch empire. Laurence Tisch told TIME, however, that he will lend his advice and expertise to the network rather than try to take charge. Says he: "I have no intention of running the board or CBS or interfering in any of their operations." He also maintains that he will buy no more than 25% of the company's stock...
...agreement with Tisch probably makes it safe from a takeover bid like Turner's, which was to be financed largely with borrowed money. But the network could still be vulnerable to a cash-laden suitor. Though Tisch insists that his CBS investment is long term, he likes to sell as well as buy if the price is right. Less than four months ago, he sold the Loews chain of movie theaters, one of the original cornerstones of his company, for about $165 million...