. for the movie theater chain see loews cineplex entertainment . the neutrality of this article is disputed . relevant discussion may be found on the talk page . please do not remove this message until conditions to do so are met . may 2015 learn how and when to remove this template message loews corporation type public traded as nyse l s & p 500 component headquarters new york city united states products insurance hotels oil drilling pipeline transport revenue 15.053 billion usd fy 2013 1 operating income 1.429 billion usd fy 2013 1 net income 1.069 billion usd fy 2013 1 total assets 79.939 billion usd fy 2013 1 total equity 24.906 billion usd fy 2013 1 number of employees 18 175 dec 2013 1 subsidiaries cna financial boardwalk pipelines diamond offshore drilling loews hotels website www.loews.com loews corporation is an american conglomerate headquartered in new york city . the company s majority stake holdings include cna financial corporation diamond offshore drilling boardwalk pipeline partners and loews hotels . the corporation positions itself as a value investor with a long term focus . 2 in recent years loews has also allocated significant capital for share buybacks . 3 in the three years ended december 31 2012 loews spent 1.3 billion repurchasing shares . between 1971 and 2012 the corporation reduced its shares outstanding from 1.3 billion shares to 392 million shares . 4 contents 1 history 2 management 3 governance 4 restatement 5 references 6 external links history edit old loews logo loews corporation traces its roots to 1946 when laurence tisch persuaded his parents to invest 125 000 to buy a resort hotel in lakewood n.j. laurence s brother robert joined the business shortly thereafter . the tisch brothers began to invest their profits in an expanding hotel business . by 1956 the brothers were in a position to build their first hotel the americana in bal harbour fla. for 17 million in cash . 5 in 1959 the brothers purchased a controlling interest in loew s theatres inc. a nationwide chain of 102 movie theaters which formed the foundation of modern day loews loews sold the theater business in 1985 . the two founders developed a conservative and flexible value oriented philosophy which continues to be a cornerstone of loews today . the tisch brothers soon diversified the loews business successfully venturing into a variety of areas as the 1960s and 1970s progressed . loews acquired lorillard a tobacco company in 1968 ; cna financial in 1974 and the bulova watch company in 1979 . through acquisitions loews revenues grew from 100 million in 1970 to more than 3 billion by a decade later . laurence tisch briefly owned through loews a significant portion of u.s. 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 . 6 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 the company acquired diamond m drilling . the subsidiary acquired odeco in 1992 adding 39 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 . 7 in 2003 loews purchased texas gas transmission llc and a year later bought gulf south pipeline company . these two companies were consolidated into a new entity boardwalk pipeline partners lp 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 . 8 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 . 9 the sale s value was 740 million . loews corporation was the parent company of bulova watches until 2007 when it sold the company to tokyo based citizen holdings co. 10 on june 4 2007 loews corporation announced it would acquire a portion of the operations of dominion resources for 4.025 billion dollars . 11 loews rebranded the assets highmount exploration & production llc . this wholly owned subsidiary is engaged in the exploration and production of natural gas and natural gas liquids . 12 on may 23 2014 loews announced that highmount is pursuing strategic alternatives including a potential sale of business . on december 17 2007 loews corporation announced a plan to spin off its entire ownership interest in its subsidiary lorillard inc. to holders of carolina group stock and loews common stock . 13 in 2009 the corporation marked the 50th anniversary of its listing on the new york stock exchange . management edit founders laurence and robert tisch served as co ceos until 1998 when they retired as part of 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 . tisch family members have disclosed a 21 % ownership stake in loews corp. the company has issued only a single class of common stock and all shareholders have equal voting rights . 14 other senior officers include david b. edelson chief financial officer and sr. vp richard w. scott chief investment officer and sr. vp gary w. garson secretary and general counsel and sr. vp and kenneth i. siegel sr. vice president . governance edit the current members of the board of directors of loews corporation are lawrence s. bacow ann e. berman joseph l. bower charles m. diker jacob a. frenkel paul j. fribourg walter l. harris philip a. laskawy ken miller anthony welters andrew h. tisch james s. tisch and jonathan m. tisch . restatement edit 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 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 . 15 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 . 16 on february 16 2006 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 . 17 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 the first three quarters of 2005 to correct the classification errors . 18 references edit a b c d e f loews corporation securities and exchange commission february 24 2014 loews company overview march 2013 http www.loews.com ; winans christopher . the king of cash the inside story of laurence tisch . new york wiley 1995 p. 47 48 value investing the loews way http www.loews.com . retrieved 2013 04 01 loews company overview march 2013 http www.loews.com rosenberg hilary . like fathers like sons ; as the generations shift the loews style remains . new york times 1999 05 30 carter bill . going head to head late at night letterman on cbs leno on nbc . new york times 1993 01 15 http www.diamondoffshore.com retrieved 2013 03 05 http www.bwpmlp.com retrieved 2013 03 05 loews corporation to sell 15 000 000 shares of carolina group stock . retrieved 27 may 2015 . elisabeth butler cordova 4 october 2007 . loews sells bulova to tokyo firm for 250m . crain s new york business . retrieved 27 may 2015 . dominion s sale makes waves forbes.com . retrieved 27 may 2015 . tong vinnee . loews spinning off newport cigarette maker lorillard division . associated press 2007 12 17 lc body.htm . retrieved 27 may 2015 . teitelbaum richard . tisch beats buffett with 8 % return citing diana ross . bloomberg markets magazine 2012 05 04 loews corporation reports net income for 2002 . loews corporation announces revision to fourth quarter and year end 2002 results . loews corp 4q net 127.6 m . loews corp says some past financials can t be relied on . external links edit official website yahoo loews corporation company profile forbes.com forbes 400 richest in america tisch preston robert retrieved from https en.wikipedia.org w index.php title loews corporation & oldid 726555613 categories companies listed on the new york stock exchangecompanies based in new york citytisch familyconglomerate companies of the united stateshidden categories npov disputes from may 2015all npov disputes navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutschfran aisbahasa indonesiaitaliano edit links this page was last modified on 22 june 2016 at 22 56 . text is available under the creative commons attribution sharealike license ; 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