Tisch family ups stake in bookseller family business
The Tisch family, which controls holding company Loews Corporation, has increased its stake in a smaller family business.
Article | 10 January, 2012 12:17 PM | By Attracta Mooney
According to filings with the Securities and Exchange Commission, Daniel Tisch now has a 5.1% share of bookseller Barnes & Noble.
The move comes just days after the New York-based business, controlled by the Riggio family, reported a net loss of $74 million (€58 million) for fiscal 2011.
Barnes & Noble, which had revenues of $7 billion last year, said it plans to spin off its electronic-reader operations in an attempt to help its digital business grow and boost sales.
The Tisch family controls about 32% of Loews, which had 2011 revenues of $14.6 billion. The business operates in insurance, offshore drilling and hotels, among other areas.
Daniel is not involved in the business, although fellow family members Andrew Tisch, James Tisch and Jonathan Tisch all sit on the board.
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