Laurence A. Tisch
| Laurence Tisch | |
|---|---|
| Born |
Laurence Alan Tisch March 5, 1923 Brooklyn, New York |
| Died | November 15, 2003 (aged 80) |
| Education | B.A. New York University M.B.A. University of Pennsylvania |
| Occupation | businessman |
| Known for | co-founder of the Loews Corporation |
| Spouse(s) | Wilma Stein |
| Children |
Andrew Tisch Daniel Tisch James S. Tisch Thomas Jonah Tisch |
| Parent(s) | Sadye Tisch Al Tisch |
| Family |
Preston Robert Tisch (brother) David Tisch (grandson) |
Laurence Alan "Larry" Tisch (March 5, 1923 – November 15, 2003) was an American businessman, Wall Street investor and 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 was born March 5, 1923, in Brooklyn, New York, the son of Russian Jewish immigrants, 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. He graduated from New York University when he was just 18 and received a 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 very 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 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.
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