Laurence Alan "Larry" Tisch (March 5, 1923—November 15, 2003) was an American businessman, Wall Street investor and self-made billionaire. He was the CEO of CBS television network from 1986 to 1995. With his brother Bob Tisch, he was part owner of the Loews Corporation.
Tisch served as chairman of the board of trustees at New York University from 1978 to 1998, 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.
Early life and career
Tisch was born March 5, 1923 in
Brooklyn, New York. He graduated from
New York University when he was just 18 and received a
Wharton MBA in industrial management by 20. Just five years out of NYU he made his first investment, purchasing a 300-room winter resort in
Lakewood, New Jersey. Two years later, his brother
Bob joined him in the business, launching a lifelong partnership between the pair.
As the first hotel took off, the Tisch brothers bought hotels in Atlantic City and the Catskills. Their hotel empire continued to expand, generating millions of dollars, and the Tisch brothers began investing in Loews Theaters.
Career at Loews
In 1961, Tisch gained control of
Loews and became its co-chairman with his brother. The pair soon diversified the business, successfully venturing into a variety of areas. After he and his brother took over Loews, the company moved in a variety of directions. Loews acquired
Lorillard, a tobacco company, and the
Bulova Watch Co. Through acquisitions, Tisch built Loews' revenues from $100 million in 1970 to more than $3 billion by a decade later.
At Loews, Tisch oversaw a financial corporation with assets of over $70 billion, including a hotel chain, a tobacco company (Lorillard), an insurance firm (CNA Financial), and an offshore drilling company. 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.
Career at CBS
In 1986, when
CBS Inc. was the target of several hostile takeover attempts, Tisch spent $800 million for a 24.9% stake of the company. With the support of company patriarch
William S. Paley, he was named the company's president and CEO.
The Tisch era at CBS was marked by relentless cost-cutting. CBS divested itself of non-broadcast assets including Holt, Rinehart and Winston (publishers) for $500M, and the CBS Music Group, which was sold to Sony for $2 billion. Westinghouse Electric bought CBS in 1995 for an estimated $5.4 billion, of which Tisch's ownership netted him $2 billion.
Philanthrophy
Tisch was also known for his
philanthropy, with major donations to the
Metropolitan Museum of Art, New York University, the NYU Medical Center and the
Wildlife Conservation Society. His $4.5 million gift to the latter created the Tisch Children's Zoo in
Central Park.
Family
He married Wilma "Billie" Stein in 1948; they had four sons.
Honors
NYU's Tisch School of the Arts is named in his honor.
Harvard Professorship
The professorship for history and economics in
Harvard University is named after him. The current Laurence A. Tisch professor is
Niall Ferguson, an acclaimed Scottish
economic historian.
Death
Laurence Tisch died of
gastroesophageal cancer, aged 80, in 2003. He was interred at
Westchester Hills Cemetery in
Hastings-on-Hudson, New York.
References
External links
TV Museum archive
Tisch obit in USA Today
Category:1923 births
Category:2003 deaths
Category:American billionaires
Category:American businesspeople
Category:American mass media owners
Category:University of Pennsylvania alumni
Category:American Jews
Category:American philanthropists
Category:People from Brooklyn
Laurence Tisch
Category:CBS executives
Category:Cancer deaths in New York