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Charles Dolan, Billionaire TV Pioneer, Dies at 98
Charles Dolan, the TV pioneer who headed an empire that included Home Box Office Inc. and Cablevision Systems Corp, died yesterday at age 98.
TV pioneer Charles Dolan died yesterday at the age of 98. Image/GettyTrailblazerAccording to a to Newsday, which the family owns:
“It is with deep sorrow that we announce the passing of our beloved father and patriarch, Charles Dolan, the visionary founder of HBO and Cablevision. He is survived by his six children, 19 grandchildren, and five great-grandchildren. Remembered as both a trailblazer in the television industry and a devoted family man, his legacy will live on.”
Dolan died yesterday of natural causes, surrounded by family.
Founded HBODolan’s career got started when he founded Sterling Manhattan Cable in 1962. The company was awarded rights by New York City to wire the lower part of Manhattan for cable television in 1965.
As well as HBO and Cablevision, Dolan founded the American Movie Classics (AMC) television station in 1984. He also launched News 12 in New York City, which was first 24-hour cable channel for local news.
Bought MSG in 1994Cablevision bought a 50% stake in Madison Square Garden in 1994 (which included the arena as well as the NHL’s New York Rangers and the NBA’s New York Knicks) for $1.1 billion, from Viacom, then acquired the other 50% for $650 million in 1997.
In 2015 Dolan sold Cablevision to Altice for $17.7 billion, continuing to own AMC and Madison Square Garden. Dolan’s son, , is the executive chair and CEO of Madison Square Garden Sports Corp., which owns the Rangers and Knicks, among other properties. Patrick Dolan, another son, is the owner and publisher of Newsday.
Vast LegacyA from MSG Entertainment, MSG Sports and Sphere Entertainment said:
“Mr. Dolan’s vision built the foundation for the companies we are today, and as a member of our Boards he continued to help shape our future. The impact he made on the media, sports, and entertainment industries, including as the founder of Cablevision and HBO, is immeasurable. We do not expect this to directly or indirectly change ownership by the Dolan family.”
According to , Dolan’s net worth was $5.4 billion.
