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28-534: Loews Hotels is an American luxury hospitality company that owns or operates 26 hotels in the United States and Canada. Loews' hotels and resorts are located in major North American city centers and resort destinations. Headquartered in New York City, Loews Hotels is a wholly owned subsidiary of Loews Corporation . Jonathan Tisch is the current chairman of Loews Hotels. Alex Tisch, the company's former president,

56-558: A controlling interest in Loew's Theatres , a nationwide chain of 102 movie theaters, from MGM. This acquisition formed the foundation of the modern-day Loews Corporation, and the company was listed on the New York Stock Exchange that same year. By the summer of 1960, the brothers had gained control of the company; the brothers became co-chairmen. The theaters were aging and not suited to then-current movie-going trends, which anticipated

84-469: A generational shift in corporate leadership. That year, James Tisch was named president and CEO, and the Office of the president was created with three members: James Tisch, Andrew Tisch, and Jonathan Tisch. In 2006, Jonathan Tisch and Andrew Tisch were elected co-chairmen of the board. The company has issued only a single class of common stock and all shareholders have equal voting rights. The current members of

112-462: A new entity, Boardwalk Pipeline Partners, which went public in 2005. Structured as a midstream master limited partnership (MLP), Boardwalk Pipeline provides transportation, storage, gathering, and processing of natural gas and liquids for its customers. On May 10, 2006, Loews Corporation announced that it would offer 15 million shares of Carolina Group via a public offering, with the proceeds to be used for general corporate purposes. The sale's value

140-454: A significant portion of US television and radio broadcaster CBS in the 1980s. As chairman of CBS, he also approved the deal that brought late-night host David Letterman to the network from NBC . Loews involvement in CBS ended in 1995, with the sale of CBS to Westinghouse Electric Corporation for $ 5.4 billion. In the past two decades, Loews further diversified into the energy business. In 1989,

168-468: Is pursuing strategic alternatives, including a potential sale of business. HighMont was sold later that year to the private equity firm EnerVest. On December 17, 2007, Loews Corporation announced a plan to spin off its entire ownership interest in Lorillard to holders of Carolina Group stock and Loews common stock. Founders Laurence and Robert Tisch served as co-CEOs until 1998 when they retired as part of

196-629: Is the Loews' new CEO, effective January 1, 2023. The company currently owns and/or operates 25 hotels and resorts in the United States and Canada , including New York City, Chicago, Philadelphia, Los Angeles, Orlando, San Diego, and Nashville. In 1990, CEO Jonathan Tisch created the "Good Neighbor Policy," which works with local organizations and schools, as well as umbrella organizations like DonorsChoose . Left-over food, hotel furniture, and dry goods are donated to local communities. The Good Neighbor Policy

224-509: The multiplex ; however, the theaters were located on highly valuable city property. Almost immediately, the Tisch brothers began closing and demolishing many of these theaters, selling the vacant lots to developers. This hastened the end of the classic movie "palaces" from the Golden Age of Hollywood . The brothers soon diversified the Loews business, successfully venturing into a variety of areas as

252-508: The 1960s and 1970s progressed. Loews acquired Lorillard Tobacco Company in 1968, CNA Financial in 1974, and the Bulova Watch Company in 1979. Through acquisitions, Loews's revenues grew from $ 100 million in 1970 to more than $ 3 billion by a decade later. Loews sold the theater business in 1985 (it continued operating under the Loew's brand name, while the investment operates as Loews ). Laurence Tisch briefly owned, through Loews,

280-544: The 1970s and 80s combined with large cash balances led the company to enter the financial services business. Their focus was on mortgages , which suffered significant losses in the late 1980s. In 1992 they announced a major restructuring and the liquidation of their credit operations. In 1995, in a major change of direction, the company acquired the CBS television network and renamed itself CBS Corporation . Most of its remaining industrial businesses were sold off at this time. CBS Corp

308-439: The board of directors of Loews Corporation are Ann E. Berman, Joseph L. Bower, Charles D. Davidson, Charles M. Diker, Paul J. Fribourg, Walter L. Harris, Philip A. Laskawy, Susan P. Peters, Anthony Welters , Andrew H. Tisch, James S. Tisch and Jonathan M. Tisch. On February 13, 2003, the company restated its financial statements as of and for the years ended December 31, 2001 to 2000 as well as its interim financial statements for

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336-586: The brothers were in a position to build their first hotel, the Americana in Bal Harbour, Florida , for $ 17 million in cash. In the wake of the landmark 1948 Supreme Court antitrust ruling in United States v. Paramount Pictures, Inc. , all the major movie studios, including Metro-Goldwyn-Mayer (MGM), were ordered to sell off the movie theater chains they owned and operated. In 1959, the Tisch brothers purchased

364-441: The company acquired Diamond M Drilling. The subsidiary acquired ODECO in 1992, adding 39 oil rigs. A year later, the combined businesses were renamed Diamond Offshore. The operating subsidiary, which went public in 1995, provides contract drilling services to the energy industry globally. In 2003, Loews purchased Texas Gas Transmission, then bought Gulf South Pipeline Company a year later. These two companies were consolidated into

392-440: The company over fifteen billion dollars. To recoup its costs, Westinghouse sold many other operations, including its defense electronics division, its metering and load control division (which was sold to ABB ), its residential security division, the office furniture company Knoll , and Thermo King . Westinghouse purchased CBS Inc. in 1994 for $ 5.4 billion. Westinghouse Electric Corporation changed its name to and became

420-595: The company restated results from 2001 through September 2005 to correct accounting for discontinued operations acquired in CNA's merger with the Continental Corp. in 1995. On March 8, 2006, the company said that financial statements for periods from 2001 to 2004 and the first three quarters of 2005 shouldn't be relied on because of accounting classification errors at its majority-owned subsidiary CNA Financial Corp, and it would restate financial statements for 2003 and 2004 and for

448-461: The corporation reduced its shares outstanding from 1.3 billion shares to 291 million shares. Loews Corporation traces its roots to 1946 when Laurence Tisch persuaded his parents to invest $ 125,000 to buy a resort hotel in Lakewood, New Jersey . Laurence's brother Robert joined the business shortly thereafter. The Tisch brothers began to invest their profits in expanding the hotel business. By 1956,

476-569: The corporation, the board of directors appointed outside management in the form of CEO Michael H. Jordan , who brought in numerous consultants to help re-engineer the company in order to realize the potential that they saw in the broadcasting industry. Westinghouse reduced the workforce in many of its traditional industrial operations and made further acquisitions in broadcasting to add to its already substantial Group W network, including Infinity Broadcasting , TNN , CMT , American Radio Systems , and rights to NFL broadcasting. These investments cost

504-530: The early and mid-20th century, Westinghouse Electric was a powerhouse in heavy industry, electrical production and distribution, consumer electronics, home appliances and a wide variety of other products. They were a major supplier of generators and steam turbines for most of their history, and was also a major player in the field of nuclear power , starting with the Westinghouse Atom Smasher in 1937. A series of downturns and management missteps in

532-465: The first three quarters of 2002 to reflect an adjustment to the company's historical accounting for CNA's investment in life settlement contracts and the related revenue recognition. On March 19, 2003, the company announced a revision to its previously reported fourth-quarter and year-end 2002 results to reflect an additional $ 28.9 million of impairment losses on equity securities at the company's CNA Financial Corporation subsidiary. On February 16, 2006,

560-484: The first three quarters of 2005 to correct the classification errors. Westinghouse Electric Corporation The Westinghouse Electric Corporation was an American manufacturing company founded in 1886 by George Westinghouse and headquartered in Pittsburgh , Pennsylvania. It was originally named "Westinghouse Electric & Manufacturing Company" and was renamed "Westinghouse Electric Corporation" in 1945. Through

588-563: The generation, transmission, and use of electricity. In addition to George Westinghouse, early engineers working for the company included Frank Conrad , Benjamin Garver Lamme , Bertha Lamme (first woman mechanical engineer in the United States), Oliver B. Shallenberger , William Stanley , Nikola Tesla , Stephen Timoshenko , and Vladimir Zworykin . Early on, Westinghouse was a rival to Thomas Edison 's electric company. In 1892, Edison

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616-631: The original CBS Corporation in 1997. Also in 1997, the Power Generation Business Unit, headquartered in Orlando, Florida , was sold to Siemens AG of Germany. A year later, CBS sold all of its commercial nuclear power businesses to British Nuclear Fuels Limited (BNFL). In connection with that sale, certain rights to use the Westinghouse trademarks were granted to the newly formed BNFL subsidiary, Westinghouse Electric Company . That company

644-506: Was $ 740 million. Loews Corporation was the parent company of Bulova until 2007, when it sold the company to Citizen Watch . On June 4, 2007, Loews Corporation announced it would acquire a portion of the operations of Dominion Resources for $ 4.03 billion dollars. Loews rebranded the assets HighMount Exploration & Production. This wholly owned subsidiary is engaged in the exploration and production of natural gas and natural gas liquids . On May 23, 2014, Loews announced that HighMount

672-597: Was acquired by Viacom in 1999, a merger completed in April 2000. The CBS Corporation name was later reused for one of the two companies resulting from the split of Viacom in 2005. One of the few remaining original lines of business to survive this process was the nuclear power division, which was sold to BNFL in 1999 and re-formed as Westinghouse Electric Company . The Westinghouse trademarks are owned by Westinghouse Electric Corporation, and were previously part of Westinghouse Licensing Corporation . Westinghouse Electric

700-435: Was awarded a 1996 President's Volunteer Service Award . [REDACTED] Media related to Loews Hotels at Wikimedia Commons Loews Corporation The corporation positions itself as a value investor with a long-term focus. In recent years, Loews has also allocated significant capital for share buybacks. In the three years ended December 31, 2012, Loews spent $ 1.3 billion repurchasing shares . Between 1971 and 2020,

728-564: Was founded by George Westinghouse in Pittsburgh , Pennsylvania , on January 8, 1886. Building on the advancement of AC technology in Europe, the firm became active in developing alternating current (AC) electric infrastructure throughout the United States. The company's largest factories were located in East Pittsburgh, Pennsylvania , Lester, Pennsylvania and Hamilton, Ontario, where they made turbines , generators, motors, and switch gear for

756-573: Was merged with Westinghouse's chief AC rival, the Thomson-Houston Electric Company , making an even bigger competitor, General Electric . Westinghouse Electric & Manufacturing Company changed its name to Westinghouse Electric Corporation in 1945. In 1990, Westinghouse experienced a serious setback when the corporation lost over one billion dollars due to bad high-risk, high-fee, high-interest loans made by its Westinghouse Credit Corporation lending arm. In an attempt to revitalize

784-684: Was sold to Toshiba in 2006. During the 20th century, Westinghouse engineers and scientists were granted more than 28,000 U.S. patents, the third most of any company. There have been a number of Westinghouse-related environmental incidents in the US. Below is a short list of these. All of these are chemical pollution incidents; none of them involve nuclear reactors or nuclear pollution. Westinghouse established subsidiary companies in several countries including British Westinghouse and Società Italiana Westinghouse in Vado Ligure , Italy. British Westinghouse became

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