Veteran television tycoon Charles Dolan, an industry magnate worth billions, passes at the age of 98.
Charles Dolan, Pioneer of the Television Industry, Passes Away at 98
Charles Dolan, a trailblazer in the television industry and a devoted family man, passed away on December 29, 2024, at the age of 98. His passing was confirmed by Newsday, a newspaper owned by his family.
Dolan's legacy will live on in the television industry, having launched News 12, the first 24-hour cable channel for local news in New York City. He also founded American Movie Classics (AMC) television station in 1984.
In the 1960s, Dolan headed an empire that included Home Box Office Inc. and Cablevision Systems Corp. The company was awarded rights by New York City to wire the lower part of Manhattan for cable television in 1965.
Dolan's involvement with Cablevision continued until 2015, when he sold the company to Altice for $17.7 billion. However, he continued to own AMC and Madison Square Garden. In 1994, Cablevision bought a 50% stake in Madison Square Garden for $1.1 billion from Viacom, and in 1997, the company acquired the other 50% for $650 million.
James Dolan, a son of Charles Dolan, is the executive chair and CEO of Madison Square Garden Sports Corp. A statement from MSG Entertainment, MSG Sports, and Sphere Entertainment said that Charles Dolan's vision built the foundation for the companies they are today.
Patrick Dolan, another son of Charles Dolan, is the owner and publisher of Newsday. Dolan is survived by six children, 19 grandchildren, and five great-grandchildren.
According to Forbes, Charles Dolan's net worth was $5.4 billion. Despite selling Cablevision, the statement to Newsday mentioned that Dolan continued to help shape their future.
No further details about the funeral or memorial services have been announced. Dolan will be remembered not only as a trailblazer in the television industry but also as a loving family man.
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