Charles F Dolan

Charles F. Dolan, who founded HBO, merged a group of small Long Island cable TV systems into a network he called Cablevision and amassed a fortune building an innovative communications, entertainment and sports empire that included Madison Square Garden and its professional teams, died on Saturday December 28 2024. He was 98. Cable pioneer crusading to drive shares of Cablevision higher after trying to take the company private in recent years. Announced $30 million, 10-cent-per-share quarterly dividend in August; mulling more stock buybacks and spinoffs. Market impressed so far; stock up 66% since July low but flat for the year. Family's stake worth $2.4 billion. First attempted to take company private in 2005: initial $7.9 billion eventually swelled to $10.6 billion in 2007; final offer blocked by shareholders. Inventor's son founded network that became Home Box Office. Traded channel with the old Time Inc. for a cable company with 1,500 Long Island customers in 1973. Became Cablevision; today serves 3 million. Company owns Radio City Music Hall, basketball's New York Knicks, hockey's New York Rangers. The Dolan family also remains a powerful presence on the New York sports and entertainment scenes. It owns the Madison Square Garden Entertainment Corporation, which operates the arena; the Madison Square Garden Sports Corporation, whose properties include the arena’s teams, the Knicks and the Rangers; and the MSG sports-programming cable TV stations. All are run by Charles Dolan’s son James. In August 2018, Newsday announced that Mr. Dolan’s son Patrick, who had been the president and majority owner of the Newsday Media Group, had acquired the remaining shares to become the sole owner of Newsday. The Dolans also have control of AMC Networks; hold a long-term lease on Radio City Music Hall; and operate the Beacon Theater in New York and the Chicago Theater. Forbes magazine estimated the Dolan family’s net worth at $5.2 billion in early 2020. Dolan’s wife of 73 years, Helen Ann, died in August 2023 at 96.