New Valley LLC is an investment company

Investment company

An investment company is a company whose main business is holding securities of other companies purely for investment purposes. The investment company invests money on behalf of its shareholders who in turn share in the profits and losses....

 owned by Vector Group

Vector Group

Vector Group Ltd. is a Miami, Florida-based, publicly traded holding company founded by its Chairman, Bennett S. LeBow. Howard Lorber serves as President and Chief Executive Officer of Vector Group Ltd.. The company is headquartered in the Miami Tower in Downtown Miami.The company's holdings...

. Western Union

Western Union

The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...

 was renamed New Valley in the early 1990s as the corporate parent of all Western Union

Western Union

The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...

 related businesses. In 1994, New Valley sold its Western Union

Western Union

The Western Union Company is a financial services and communications company based in the United States. Its North American headquarters is in Englewood, Colorado. Up until 2006, Western Union was the best-known U.S...

 businesses to First Financial Management (later acquired by First Data

First Data

First Data Corporation is an American payment processing company headquartered in Atlanta, Georgia. First Data is a provider of electronic commerce and payment solutions...

) for $1.2 Billion. After more than 100 years of being a publicly traded entity, New Valley became a wholly owned subsidiary of Vector Group

Vector Group

Vector Group Ltd. is a Miami, Florida-based, publicly traded holding company founded by its Chairman, Bennett S. LeBow. Howard Lorber serves as President and Chief Executive Officer of Vector Group Ltd.. The company is headquartered in the Miami Tower in Downtown Miami.The company's holdings...

 on December 13, 2005 when Vector Group

Vector Group

Vector Group Ltd. is a Miami, Florida-based, publicly traded holding company founded by its Chairman, Bennett S. LeBow. Howard Lorber serves as President and Chief Executive Officer of Vector Group Ltd.. The company is headquartered in the Miami Tower in Downtown Miami.The company's holdings...

 acquired the remaining 42.3% of New Valley's common shares that it did not already own. New Valley presently has a 50% stake in Douglas Elliman Realty

Douglas Elliman

Douglas Elliman is the largest residential real estate brokerage in the New York metropolitan area.-Overview:Douglas Elliman operates in New York City, Long Island, the Hamptons, and Westchester as Prudential Douglas Elliman and Miami as Douglas Elliman Florida. The company's Miami flagship office...

, the largest residential real estate brokerage in the New York metropolitan area. The company also has stakes in various hotels and golf courses in the United States. In conjunction with the spin-off of its Ladenburg Thalmann subsidiary New Valley retained an 7.6% stake in Ladenburg Thalmann Financial Services

Ladenburg Thalmann

Ladenburg Thalmann Financial Services, a NYSE Amex-listed company , is a diversified financial services company with two primary business lines: independent brokerage and advisory, and investment banking and capital markets...

, an investment bank and stock brokerage based in Miami.