Blue-Chip Partner for a Network

Laurence Tisch lends a hand to his friends in Black Rock

Senator Jesse Helms was too straitlaced. Ted Turner was too brash and boisterous. But dapper Laurence Tisch was just the kind of dance partner CBS wanted. The entertainment company announced last week that it had invited Tisch, 62, the billionaire chairman of Loews, to join the CBS board of directors. In addition, Loews, a New York-based conglomerate that owns a hotel chain, sells insurance and manufactures Kent cigarettes and Bulova watches, will increase its stake in CBS from 11.7% of the network's stock to as much as 25%. CBS was emphatic that the deal with Tisch was entirely friendly. "A mutual...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!