Former CBS Chief Larry Tisch Has Died (my title)

Loews Corporation press release via Business Wire ^ | 11/15/2003

[GeneD]

November 15, 2003 01:02 PM US Eastern Timezone

Loews Corporation Mourns the Loss of Laurence A. Tisch

NEW YORK--(BUSINESS WIRE)--Nov. 15, 2003--Loews Corporation (NYSE:LTR) mourns the loss of Laurence A. Tisch, the Co-Chairman of its Board of Directors and its co-founder. Mr. Tisch succumbed to cancer on November 15, 2003. Laurence Tisch has been heralded, not only as one of the country's leading entrepreneurial business visionaries, but also for his indelible impact on society through his philanthropic leadership.

Laurence Tisch, with his brother Preston R. Tisch, built Loews Corporation into one of the largest diversified financial corporations in the United States. Mr. Tisch and his brother acquired a substantial interest in Loew's Theatres, Inc., a predecessor of Loews Corporation in 1959, and became its President and Chief Executive Officer. Loews Corporation has grown over the years to include subsidiaries engaged in a property and casualty insurance (CNA Financial Corporation), the production and sale of cigarettes (Lorillard, Inc.), the operation of offshore drilling rigs (Diamond Offshore Drilling, Inc.), the distribution and sale of watches and clocks (Bulova Corporation), and the operation of an interstate natural gas pipeline (Texas Gas Transmission), and has continued as a leading hotel operator (Loews Hotels), the business which Mr. Tisch and his brother started in 1946. The Loew's Theatres business was sold in 1985.

Mr. Tisch served as Chief Executive Officer of Loews Corporation for over 26 years. In 1998 he announced that he would step down from that position effective January 1, 1999, when the Company's Board of Directors designated his son, James S. Tisch, as President and Chief Executive Officer, and created a new Office of the President consisting of James S. Tisch, Andrew H. Tisch, Chairman of the Company's Executive Committee, also a son of Laurence A. Tisch, and Jonathan M. Tisch, Chief Executive Officer of Loews Hotels, a son of Preston R. Tisch. Laurence Tisch continued to serve the Company as Co-Chairman of the Board and remained active in the affairs of the Company, refusing to even consider retirement.

In addition to his many years of service to Loews Corporation, Mr. Tisch was tireless in his philanthropic efforts. Among other things, he was noted for his efforts on behalf of New York University where he served as Chairman of the Board of Trustees from 1978 to 1998. He was also a former president of the United Jewish Appeal of Greater New York and served as a trustee of the Metropolitan Museum of Art in New York City.

Mr. Tisch's presence, and his wise and valuable guidance, advice and business acumen, will be sorely missed by his friends and colleagues at Loews Corporation and throughout the many spheres of commerce, education and philanthropy he touched.

[GeneD]

I'm posting this for a reason. You may remember Larry Tisch. His Loews Corporation bought a controlling stake in CBS after the Mouth from the South threatened to take over the network and put "right-wing" types in its news division. Remember that? In 1988 sold its recorded-music business to Sony (remember the panic that caused?) because he couldn't stand its boss, an obnoxious overaged swinger named Walter Yetnikoff. In 1995 sold CBS to Westinghouse, and eventually into the arms of the megalomaniacs Mel Karmazin and Sumner Redstone, who've delighted the world with such dazzling entertainments as Opie and Anthony and The Reagans. His management of CBS was one of unrelenting decline, which I guess is why the press release doesn't mention it, even though with the public it's all he's known for. RIP.

[GeneD]

Put "he" between "1988" and "sold" in the fifth sentence. I hate making errors.

[beckett]

Tisch worked out of 666 6th Ave for most of his career, even after he bought CBS, I believe. I always thought that any bozo who would give the number 666 to his own building couldn't trusted.

He wrecked CBS pretty good.

[thoughtomator]

Don't forget the Tisch school at NYU, which annually turns out dozens of socialist film propagandists.

[beckett]

By the way his age was 80 (born March 15, 1923). They don't mention that in the press release.

[mikeb704]

FWIW, he donated $2,000 to GWB earlier this year.

Michael M. Bates: My Side of the Swamp

[muawiyah]

He dismantled CBS. He cut costs to the bone, sold underperforming assets, and laid off over the hill "newsies".

CBS still exists due to his leadership. Without Bobby Tisch CBS would have been the first network in recent times to have disappeared.

[beckett]

I was too hard on him on the day of his death. Not very classy, and, as you aver, perhaps not too accurate either.

[Porterville]

If he is a socialist I don't care... if he wasn't a socialist RIP

[Senator Goldwater]

"You should be thoroughly ashamed of yourself that on the very day of his death you should take such cheap postshots at a truly great American and human being"

When might we expect a mini-series docudrama for the network to hype during sweeps?

[Zionist Conspirator]

I don't know anything about his politics, but he was on the Board of Directors of ArtScroll, which is an Orthodox Jewish publishing company that puts out excellent materials in beautiful format.