As Tisch Turns...

Laurence Tisch is keeping observers guessing about his plans for CBS. Last August, the billionaire investor and CBS chairman reduced his stake in the Tiffany Network to 18% after the collapse of a merger with Barry Diller's QVC Network. Now, though, Tisch, who owns his shares through Loews, wants to boost his stake to 25%. Loews will buy CBS stock at an initial price of $65 per share. Analysts say Tisch's motive may still be to sell out--but at a higher price. If so, his gambit is working: CBS shares rose to 583/4 on Jan. 4.

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