Bloomberg Billionaires Index

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# 492 Charles Dolan & family $5.12B

Random fact: Son, James, performs in blues band JD & the Straight Shot.

Overview

Dolan founded Cablevision Systems, a US cable operator in the New York area and four western states. Netherlands-based telecommunications business Altice acquired the company for $17.7 billion in June 2016. He was also executive chairman of AMC Networks until he stepped down from the role in September 2020.

As of :
Last change -$16.3M ( -0.3%)
YTD change -$451M ( -8.1%)
Biggest asset Cash
Country / Region United States
Age 95
Industry Media & Telecom
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Charles Dolan & family's net worth of $5.12B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Dolan's fortune is derived from U.S. cable operator Cablevision Systems, which he sold to Netherlands-based telecommunications business Altice for $17.7 billion in June 2016.

He also owns stakes in three publicly traded companies: AMC Networks, Madison Square Garden Sports, and Madison Square Garden Entertainment. A fourth company, Madison Square Garden Network, was spun off from The Madison Square Garden Company (MSG) as a separate entity on Sept. 30, 2015 on a 1-for-3 basis, with Dolan and his family owning more than 25% of both businesses, according to filings with the U.S. Securities and Exchange Commission. MSGE was spun off from MSG as a separate entity on April 20, 2020 on a 1-for-1 basis. MSG subsequently changed its name to Madison Square Garden Sports (MSGS).

In July 2021, MSGE acquired MSGN, resulting in the de-listing of MSGN shares. Shareholders of MSGN stock, including Dolan and his family, received 0.172 shares of new MSGE stock for each share they had owned of MSGN.

They control their stakes in all of the assets directly and through several trusts. 

As founder of Cablevision and because of his role as the family patriarch, the Dolans' entire economic interest in the companies is attributed to him. The family fortune is managed by the Dolan Family Office, based in Woodbury, New York.

The holdings in each company are derived from the latest filings with the SEC. Restricted stock units aren't included. The family has collected about $800 million in dividends since 1998, including a special payout in 2006 in which it received more than $500 million.

Representatives for the Dolan Family Office didn't respond to requests for comment on the net worth calculation.

Biography

Birthdate: 10/16/1926
Family: Married, No children
Education: John Carroll University

Charles "Chuck" Dolan was born on Oct. 16, 1926, in Cleveland. The son of an inventor, he served in the U.S. Air Force and studied at John Carroll University before embarking on a career in telecommunications. His earliest professional endeavors focused on the packaging, marketing and distribution of sports and industrial films. Working together with his wife in their Cleveland home, Dolan edited and produced short film reels of sports events for syndication to television stations. He sold the business and joined the acquiring company in New York.

In the early 1960s, Dolan established Teleguide, a provider of information services over cable TV to New York City hotels. That same decade, he founded Sterling Manhattan Cable, the nation's first urban cable television company. Sterling forged agreements to bring local professional sports teams, cultural programming and movies into the homes of New York City cable viewers.

In the early 1970s, Dolan founded Home Box Office, the first premium programming service in the cable television industry. He organized Cablevision Systems on Long Island after the sale of HBO to Time-Life, building the business into the seventh-largest cable company in the U.S.

Dolan has served as executive chairman of AMC Networks, a former Cablevision subsidiary that was spun off into a separate public company in June 2011. AMC grew to include networks such as AMC, WE tv, IFC and Sundance Channel, as well as the independent film business IFC Entertainment.

Dolan is chairman of the Lustgarten Foundation, which he helped found in 1998 and is now the nation's largest private supporter of pancreatic cancer research. He's been a trustee of Fairfield University in Connecticut and a member of the board of directors of the Nassau County Crime Stoppers.

Milestones
  • 1926 Charles Francis Dolan is born in Cleveland.
  • 1971 Conceives of a premium cable channel. Evolves into HBO.
  • 1973 Founds Cablevision Systems in Long Island with 1,500 subscribers.
  • 1976 Debuts SportsChannel New York, the first regional sports network in the U.S.
  • 1995 Cablevision purchases Madison Square Garden Properties with ITT.
  • 1995 Steps down as CEO of Cablevision. Remains chairman.
  • 2002 Made unsuccessful bid for Boston Red Sox baseball team.
  • 2016 Cablevision sold to Altice for $17.7 billion.