Published on: December 29, 2024, 03:10h.

Last updated on: December 29, 2024, 03:16h.

Charles Dolan, the TV innovative leader who oversaw an empire that included Home Box Office Inc. and Cablevision Systems Corp, passed away yesterday at 98.

Groundbreaker

As per a statement to Newsday, which is owned by the family:

“With profound grief, we share the passing of our cherished father and leader, Charles Dolan, the visionary creator of HBO and Cablevision. He leaves behind six children, 19 grandchildren, and five great-grandchildren. Renowned for his pioneering work in the television industry and as a committed family man, his legacy will endure.”

Dolan passed away yesterday due to natural causes, surrounded by his loved ones.

Established HBO

Dolan’s career began when he founded Sterling Manhattan Cable in 1962. The company was granted rights by New York City to wire the southern part of Manhattan for cable television in 1965.

In addition to HBO and Cablevision, Dolan established the American Movie Classics (AMC) TV station in 1984. He also introduced News 12 in New York City, the first 24-hour cable channel for local news.

Acquired MSG in 1994

Cablevision purchased a 50% stake in Madison Square Garden in 1994 (which included the arena and the NHL’s New York Rangers and the NBA’s New York Knicks) for $1.1 billion, from Viacom, then bought the remaining 50% for $650 million in 1997.

In 2015, Dolan sold Cablevision to Altice for $17.7 billion, retaining ownership of AMC and Madison Square Garden. Dolan’s son, James Dolan, serves as the executive chair and CEO of Madison Square Garden Sports Corp., which owns the Rangers and Knicks, among other assets. Another son, Patrick Dolan, is the proprietor and publisher of Newsday.

Enduring Legacy

A statement from MSG Entertainment, MSG Sports, and Sphere Entertainment stated:

“Mr. Dolan’s vision laid the groundwork for the companies we are today, and as a member of our Boards, he played a crucial role in shaping our future. The influence he had on the media, sports, and entertainment sectors, including as the founder of Cablevision and HBO, is immeasurable. We anticipate no direct or indirect change in ownership by the Dolan family.”

According to Forbes, Dolan’s net worth was $5.4 billion.