Contents 1 Early life and career 1.1 Career at Loews 1.2 Career at CBS 2 Philanthropy 3 Family 4 Death 5 References 6 External links


Early life and career[edit] Tisch was born March 5, 1923, in Brooklyn, New York, the son of Russian Jewish immigrants,[1][2] Sadye and Al Tisch. His father, a former All-American basketball player at the City University of New York, owned a garment factory as well as two summer camps which his wife helped him run.[3] He graduated from New York University when he was just 18 and received a UPenn Wharton MBA in industrial management by 20.[4] In 1946, he made his first investment, purchasing a 300-room winter resort in Lakewood, New Jersey with $125,000 in seed money (roughly equivalent to $1.5 million at 2012 prices) from his parents.[2][3] Two years later, his brother Bob joined him in the business, launching a lifelong partnership between the pair with Larry handling financial matters and Bob the overall management.[3] Their first hotel was very successful and over the next decade, the Tisch brothers bought a dozen hotels[3] in Atlantic City and the Catskills. Career at Loews[edit] In 1960, using the proceeds from their hotel empire, Tisch gained control of Loews Theaters, one of the largest movie house chains at the time, with Bob and Larry serving as co-chairmen of the company. They were attracted to Loews by its underlying real estate assets which they believed were under-valued. They were correct in this assumption and would later tear down many of the centrally located old theaters to build apartments and hotels reaping millions in profits.[3] The pair soon diversified the business, successfully venturing into a variety of areas. In 1968, Loews acquired Lorillard, the 5th largest tobacco company in the United States at the time, which owned the popular brands Kent, Newport and True.[3] In 1974, they purchased a controlling interest in the nearly bankrupt insurance company, CNA Financial Corporation. This too was very successful and several years later it held an A+ credit rating. They also purchased the Bulova Watch Company.[3] Through acquisitions, Tisch built Loews' into a highly profitable conglomerate (with 14 hotels, 67 movie theaters, CNA Financial, Bulova, and Lorillard) with revenues increasing from $100 million in 1970 to more than $3 billion in 1980.[3] In 2002, the year before Larry Tisch's death, the corporation had revenues of more than $17 billion and assets of more than $70 billion.[5] Career at CBS[edit] In 1986, CBS Inc. was the target of several hostile takeover attempts by the likes of Ted Turner, Marvin Davis, and Ivan Boesky. Tisch was invited by CBS to invest in the company so as to help stop the hostile advances.[3] Tisch spent $750 million for a 24.9% stake in CBS and a seat on the board.[3] Later, with the support of company patriarch William S. Paley, he was named the company's president and CEO. The footstone of Laurence Tisch The Tisch era at CBS was marked by relentless cost-cutting: Tisch fired 230 out of 1,200 news employees and cut $30 million from the news division's budget.[3] CBS divested itself of non-broadcast assets. In 1986, he sold the book publisher Holt, Rinehart and Winston to Harcourt Brace Jovanovich for $500 million; in 1987, he sold the CBS magazine division to Diamandis Communications; and also in 1987, he sold the CBS Music Group, the 2nd largest record company in the world at the time, to Sony for $2 billion.[3] Westinghouse Electric bought CBS in 1995 for an estimated $5.4 billion, of which Tisch's ownership netted him $2 billion.[6] Although Tisch's decade long tenure at CBS was marked by a 15% annual increase in the value of its stock, CBS remained in third place out of the big three national networks. Tisch was criticized for not understanding the broadcast business, not diversifying the business after selling its non-broadcast assets, and poor performance of CBS relative to its peers. John Gutfreund, CEO of Salomon Brothers compared him with Bill Paley, the founder of CBS: "Bill had a vision for the industry, for Larry, it is a business."[3]


Philanthropy[edit] The grave of Laurence Tisch in Westchester Hills Cemetery Tisch made major donations to the Metropolitan Museum of Art, New York University, the NYU Medical Center and the Wildlife Conservation Society. A $4.5 million gift created the Tisch Children's Zoo in Central Park.[5] From 1978 to 1998, Tisch served as chairman of the board of trustees at New York University overseeing a $1 billion capital campaign and major improvements in the university. Tisch was also a former president of the United Jewish Appeal of New York.[5] NYU's Tisch School of the Arts is named in honor of him and his brother Bob, who donated the funds necessary to buy a building for the school. Tisch's donations also provided funding for a professorship in law, which was established in 2010 and is held by noted legal scholar Richard Epstein. There is additionally a Tisch Hall at the Stern School of Business and a Tisch Hospital at the NYU Medical Center. [7] [8] The professorship for history and economics in Harvard University is named after him in recognition of his philanthropy to the school. The current Laurence A. Tisch professor is Niall Ferguson, a Scottish economic historian.


Family[edit] Tisch married Wilma "Billie" Stein in 1948; they had four sons:[9] Andrew H. Tisch Daniel Tisch - runs a family fund, Mentor Partners, is active in Jewish causes, and sits on the New York University board.[10] James S. Tisch Thomas Jonah Tisch – Works as a partner at FLF Associates, a private investment group in New York City. In 1985, he married Helen Vivian Scovell; the service was officiated by Rabbi Philip Hiat.[11]


Death[edit] Laurence Tisch died of gastroesophageal cancer,[12] aged 80, in 2003. He was interred at Westchester Hills Cemetery in Hastings-on-Hudson, New York.[13]


References[edit] ^ The Tablet Magazine: "Don Hewitt on His Judaism – The ‘60 Minutes’ creator died today at 86. For the book ‘Stars of David,’ he talked about his religion." By Abigail Pogrebin August 19, 2009 ^ a b Business Insider: "THE TISCH DYNASTY: How Two Boys From Brooklyn Became The Biggest Name In New York" by Linette Lopez May 9, 2012 ^ a b c d e f g h i j k l m New York Times: "Laurence A. Tisch, Investor Known for Saving CBS Inc. From Takeover, Dies at 80" By JONATHAN KANDELL November 16, 2003 ^ Wharton Alumni Magazine: 125 Influential People and Ideas: Laurence A. Tisch ^ a b c USA Today: "Former CBS head Tisch dies at 80" November 15, 2003 ^ http://www.museum.tv/eotvsection.php?entrycode=tischlauren ^ "NYU Stern | About Stern | Timeline of NYU Stern's History". www.stern.nyu.edu. Retrieved 2016-06-10.  ^ '75., Liz Roman Gallese; Liz Roman Gallese, Who Writes About Business From Wellesley, Mass, Is The Author Of women Like Us: What Is Happening To The Women Of The Harvard Business School, Class Of (1989-04-02). "What's in a Name?". The New York Times. ISSN 0362-4331. Retrieved 2016-06-10.  ^ New York Times: "Laurence A. Tisch, Investor Known for Saving CBS Inc. From Takeover, Dies at 80" By Jonathan Kandell November 16, 2003 ^ The New York Observer: "The Tisch Family" By Anna Schneider-Mayerson December 18, 2006 ^ New York Times: "Nell Scovell, Writer, Marries Thomas Jonah Tisch" June 17, 1985 ^ Like Father, Like Son, Fortune ^ Laurence Alan Tisch at Find a Grave


External links[edit] TV Museum archive Tisch obit in USA Today Authority control WorldCat Identities VIAF: 50922824 LCCN: n94096102 ISNI: 0000 0000 7862 9133 GND: 119518635 IATH: w65q71pn Retrieved from "https://en.wikipedia.org/w/index.php?title=Laurence_Tisch&oldid=808503701" Categories: 1923 births2003 deathsAmerican billionairesAmerican businesspeopleAmerican mass media ownersWharton School of the University of Pennsylvania alumniStern School of Business alumniAmerican people of Russian-Jewish descentJewish American philanthropistsAmerican philanthropistsPeople from BrooklynTisch familyCBS executivesCEOs of CBSDeaths from cancer in New York (state)Burials at Westchester Hills CemeteryAmerican real estate businesspeopleHidden categories: Find a Grave template with ID same as WikidataArticles with hCardsWikipedia articles with VIAF identifiersWikipedia articles with LCCN identifiersWikipedia articles with ISNI identifiersWikipedia articles with GND identifiersWikipedia articles with SNAC-ID identifiers


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Brooklyn, New YorkNew York UniversityUniversity Of PennsylvaniaLoews CorporationWilma TischAndrew TischJames S. TischPreston Robert TischDavid TischUnited StatesBusinessmanWall StreetInvestorBillionaireCEOCBSPreston Robert TischLoews CorporationBrooklyn, New YorkRussian JewishCity University Of New YorkNew York UniversityWharton School Of The University Of PennsylvaniaLakewood, New JerseyPreston Robert TischAtlantic City, New JerseyCatskill MountainsLoews Cineplex EntertainmentLorillardKent (cigarette)Newport (cigarette)True (cigarette)Bulova Watch CompanyCBS Inc.Ted TurnerMarvin DavisIvan BoeskyWilliam S. PaleyEnlargeHolt, Rinehart And WinstonHarcourt Brace JovanovichSony Music EntertainmentSonyJohn GutfreundSalomon BrothersWilliam S. PaleyEnlargeWestchester Hills CemeteryMetropolitan Museum Of ArtNew York UniversityNYU Medical CenterWildlife Conservation SocietyCentral ParkNew York UniversityUnited States DollarUnited Jewish AppealTisch School Of The ArtsRichard Allen EpsteinHarvard UniversityNiall FergusonEconomic HistorianWilma TischAndrew TischNew York UniversityJames S. TischEsophageal CancerWestchester Hills CemeteryHastings-on-Hudson, New YorkInternational Standard Serial NumberFortune (magazine)Find A GraveHelp:Authority ControlVirtual International Authority FileLibrary Of Congress Control NumberInternational Standard Name IdentifierIntegrated Authority FileInstitute For Advanced Technology In The HumanitiesHelp:CategoryCategory:1923 BirthsCategory:2003 DeathsCategory:American BillionairesCategory:American BusinesspeopleCategory:American Mass Media OwnersCategory:Wharton School Of The University Of Pennsylvania AlumniCategory:Stern School Of Business AlumniCategory:American People Of Russian-Jewish DescentCategory:Jewish American PhilanthropistsCategory:American PhilanthropistsCategory:People From BrooklynCategory:Tisch FamilyCategory:CBS ExecutivesCategory:CEOs Of CBSCategory:Deaths From Cancer In New York (state)Category:Burials At Westchester Hills CemeteryCategory:American Real Estate BusinesspeopleCategory:Find A Grave Template With ID Same As WikidataCategory:Articles With HCardsCategory:Wikipedia Articles With VIAF IdentifiersCategory:Wikipedia Articles With LCCN IdentifiersCategory:Wikipedia Articles With ISNI IdentifiersCategory:Wikipedia Articles With GND IdentifiersCategory:Wikipedia Articles With SNAC-ID IdentifiersDiscussion About Edits From This IP Address [n]A List Of Edits Made From This IP Address [y]View The Content Page [c]Discussion About The Content Page [t]Edit This Page [e]Visit The Main Page [z]Guides To Browsing WikipediaFeatured Content – The Best Of WikipediaFind Background Information On Current EventsLoad A Random Article [x]Guidance On How To Use And Edit WikipediaFind Out About WikipediaAbout The Project, What You Can Do, Where To Find ThingsA List Of Recent Changes In The Wiki [r]List Of All English Wikipedia Pages Containing Links To This Page [j]Recent Changes In Pages Linked From This Page [k]Upload Files [u]A List Of All Special Pages [q]Wikipedia:AboutWikipedia:General Disclaimer



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