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Laurence Tisch
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Laurence Tisch
Laurence Alan Tisch (March 5, 1923 – November 15, 2003) was an American billionaire businessman and investor. He was the CEO of CBS television network from 1986 to 1995. With his brother Bob Tisch, he was part owner of Loews Corporation.
Tisch was born March 5, 1923, in Brooklyn, New York, the son of Sadye (née Brenner) and Al Tisch. His father's parents had emigrated from Ukraine and his mother's parents from Poland. He was of Jewish descent. 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.
He graduated from New York University when he was just 18 and received a Penn Wharton MBA in industrial management by 20. 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. 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.
Their first hotel was successful and over the next decade, the Tisch brothers bought a dozen hotels in Atlantic City and the Catskills.
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 as co-chairmen of the company. They were attracted to Loews by its underlying real estate assets which they believed were undervalued. 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.
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 US at the time, which owned the popular brands Kent, Newport and True. In 1974, they purchased a controlling interest in the nearly bankrupt insurance company, CNA Financial Corporation. This too was successful and several years later it held an A+ credit rating. They also purchased the Bulova Watch Company.
Through acquisitions, Tisch built Loews' into a 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.
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.
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Laurence Tisch
Laurence Alan Tisch (March 5, 1923 – November 15, 2003) was an American billionaire businessman and investor. He was the CEO of CBS television network from 1986 to 1995. With his brother Bob Tisch, he was part owner of Loews Corporation.
Tisch was born March 5, 1923, in Brooklyn, New York, the son of Sadye (née Brenner) and Al Tisch. His father's parents had emigrated from Ukraine and his mother's parents from Poland. He was of Jewish descent. 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.
He graduated from New York University when he was just 18 and received a Penn Wharton MBA in industrial management by 20. 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. 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.
Their first hotel was successful and over the next decade, the Tisch brothers bought a dozen hotels in Atlantic City and the Catskills.
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 as co-chairmen of the company. They were attracted to Loews by its underlying real estate assets which they believed were undervalued. 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.
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 US at the time, which owned the popular brands Kent, Newport and True. In 1974, they purchased a controlling interest in the nearly bankrupt insurance company, CNA Financial Corporation. This too was successful and several years later it held an A+ credit rating. They also purchased the Bulova Watch Company.
Through acquisitions, Tisch built Loews' into a 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.
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.