Laurence A Tisch

In the beginning and the end, it came down to Danny Tisch. The second of CBS Inc. Chief Executive Laurence A. Tisch's four sons was the one who convinced his father to buy CBS shares in 1985 as part of an arbitrage play. And eight years later it was Danny who convinced his father that it was time to largely cash out--after ace programmer Jeff Sagansky quit and the network lost the NFL and eight key affiliates to Fox.

Laurence A. Tisch, who took control of CBS in the face of a hostile takeover but whose tenure was marked by accusations that he had tarnished the network's reputation, died Saturday in Manhattan. He was 80. Tisch, a self-made billionaire who had also been co-chairman of Loews Corp., was suffering from cancer, said Candace Leeds, a Loews spokeswoman.

CBS Inc. on Monday revised its $1.1-billion offer to buy back 23% of its shares in a move that could boost Chairman Laurence A. Tisch's stake in the company. Citing tax reasons, CBS said Tisch's Loews Corp., which controls about 19.5% of the network, will tender only 2 million of the 3 million shares it owns. Previously, Loews said it would tender its entire stake. The CBS self-tender offer, announced earlier this month after the proposed merger between CBS and QVC Inc.

Billionaire brothers Laurence and Preston Robert Tisch said they will step down as co-chief executives of Loews Corp. by year's end and turn management of the company over to their sons. The Tisch brothers, widely known as Larry and Bob, built Loews from a single hotel in 1946 into one of the country's largest diversified corporations, with more than $20 billion in revenue. Its holdings include cigarette maker Lorillard Inc., Loews Hotels and watchmaker Bulova Corp.

Tisch Reportedly Interested in Buying Macy: R.H. Macy & Co. may have a last-minute solution to its financial woes. CBS Chairman Laurence A. Tisch, a Macy's director and shareholder, is said to be ready to invest about $1 billion to buy as much as a 90% stake in the ailing retailer, according to reports circulating in New York. Tisch's plan, which is awaiting approval by Macy's directors, calls for the retailer to file for bankruptcy and eliminate a sizable portion of the nearly $3.

Tisches Keep Bailing Out of Bank Stocks: CBS Inc. Chairman Laurence A. Tisch and his brother, Loews Corp. President Preston R. Tisch, have slashed their holdings in bank stocks again, according to Securities and Exchange Commission documents. They cut their stake in Bank of Boston Corp., Continental Bank Corp. and Baybanks Inc. to 5% or less. No reason was given. The Tisches gained attention on Wall Street late last year when they began buying low-priced bank stocks.

Laurence A. Tisch, 72, once viewed as merely a short-term speculator in CBS Inc. stock, now stands ready to finally cash out of the broadcasting giant--nearly a decade after he began investing in CBS and became its chief executive. With CBS accepting a $5.4-billion takeover bid from Westinghouse Electric Corp. on Tuesday, Loews Corp.

In the high-stakes chess match to come up with the best fall television schedule, and the biggest ratings and profits prize, all eyes are focused this week on the moves made by CBS, which fell from first to third place last season. Network executives probably contemplated the moves by their competitors during a cram weekend strategy session.

Challenging the widespread speculation about his company's future, CBS Chairman Laurence Tisch said Wednesday that CBS is not for sale. Tisch's comments were made after the annual meeting of CBS shareholders and the stock closed down $1.125 at $65. "There have been rumors and rumors," Tisch told reporters. "CBS is not for sale. CBS has been widely reported to be on the block, and many believe Tisch would still sell for the right price.

CBS Inc. on Monday revised its $1.1-billion offer to buy back 23% of its shares in a move that could boost Chairman Laurence A. Tisch's stake in the company. Citing tax reasons, CBS said Tisch's Loews Corp., which controls about 19.5% of the network, will tender only 2 million of the 3 million shares it owns. Previously, Loews said it would tender its entire stake. The CBS self-tender offer, announced earlier this month after the proposed merger between CBS and QVC Inc.

CBS Inc. Chief Executive Laurence A. Tisch emphatically denied Tuesday that the network is for sale since its merger deal with QVC Inc was abandoned. "I've had no interest for eight years (in selling) CBS, and there is no interest to sell it now," Tisch told a news conference before the Television Critics Assn., which is meeting at the Universal Hilton in Universal City this week for previews of fall television programs.

CBS Inc., which has been badly shaken since key affiliates defected to Fox, entered into a strategic alliance Thursday with Westinghouse Broadcasting that will provide the network with outlets in five important markets. The deal gives CBS a valuable boost at a time when morale at the network is also down over its scuttled merger plan with QVC Inc. That agreement collapsed after Comcast Corp. made a $2.2-billion counteroffer this week for the home shopping channel.

Before the meeting, there had been rumors that Laurence A. Tisch, CBS' acting chief executive since the forced resignation on Sept. 10 of board Chairman Thomas H. Wyman, might be named to the post on a permanent basis. But spokesman George Schweitzer said the board took no action on the appointment of either a permanent CEO or a permanent board chairman. He said he had "no idea" when it would make a decision. The board chairmanship currently is held on a temporary basis by CBS founder William S.

In the beginning and the end, it came down to Danny Tisch. The second of CBS Inc. Chief Executive Laurence A. Tisch's four sons was the one who convinced his father to buy CBS shares in 1985 as part of an arbitrage play. And eight years later it was Danny who convinced his father that it was time to largely cash out--after ace programmer Jeff Sagansky quit and the network lost the NFL and eight key affiliates to Fox.

CBS Inc. Chief Executive Laurence A. Tisch and QVC Inc. Chairman Barry Diller are in negotiations to combine their companies in a deal valued at roughly $3 billion, sources close to the talks said Wednesday. Under the terms being discussed, CBS would acquire the smaller QVC in a stock swap that would follow a cash payout to CBS shareholders. Diller would assume control of the combined company, with 71-year-old Tisch agreeing to retire or take a background role upon completion of the acquisition.