This week, the Dolan family, which controls Madison Square Garden, sold Cablevision to Altice Group, a European media company, for $17 billion. Charles Dolan founded Cablevision and HBO four decades ago, thus creating one of Americans largest media empires.
“Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honored to help shepherd our customers and employees through the most extraordinary communications revolution in modern history,” James L. Dolan, the company’s chief executive and Charles Dolan’s son, said in a statement. “Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets.”
The deal with Altice values the Dolans’ collective stake in Cablevision at about $2.2 billion, according to the New York Times.
A Cleveland native, Charles Dolan moved to NYC in the early 1970s and founded Teleguide, an information service for hotels; Sterling Manhattan Cable; and Home Box Office.
Over the years, Charles Dolan used his media fortune to pick up iconic real estate assets like Madison Square Garden, as well as sports teams like the Knicks and Rangers. He also purchased the newspaper, Newsday.
“Even if your teams are doing lousy and you don’t have a good concert, you are still going to be [AT???] Madison Square Garden, you are still going to be the ‘showplace of America,’ ” James Dolan, Charles son told New York Magazine. [NYT] – Christopher Cameron