Chariman Charles Dolan, the pioneer behind HBO and Cablevision, passes away at the age of 98.
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Chariman Charles Dolan, the pioneer behind HBO and Cablevision, passes away at the age of 98.
Billionaire tycoon Charles Dolan, the brainchild behind HBO and Cablevision, whose kin also control Madison Square Garden and AMC Networks, breathed his last on Saturday due to organic reasons, as declared by his family in an official statement.
Crucial Details
At the grand age of 98, Dolan succumbed to natural causes in the presence of his loved ones, according to the Dolan family's announcement to Newsday, a media outlet managed by his son Patrick.
The family eulogized Dolan as a "pioneer in the television sector" and a "dedicated family man," leaving behind six children, 19 grandchildren, and five great-grandchildren, as reported by Newsday.
As of now, it's unclear about Dolan's whereabouts at the time of his demise, although he mainly resided in Cove Neck Village, Long Island, New York.
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Our Website's Evaluation
As per our latest calculations, Dolan and his kin possess a net worth of $5.4 billion. Dolan and his six children hold major stakes in AMC Networks and Madison Square Garden's entertainment and sports companies, encompassing the New York Knicks and the New York Rangers, now helmed by Dolan's son James.
Key Past
Hailing from Cleveland in 1926, Charles Dolan commenced his life in New York City during the early 1950s, working for a television news service. Dolan amassed his initial wealth by procuring wiring rights for lower Manhattan and established HBO's precursor, eventually selling it in 1973 to finance a fresh cable system, Cablevision. He launched the American Movie Classics network in 1984, which later transpired into AMC Networks. His son, James, served as Cablevision’s CEO until 2016, when the company was bought by Altice for $17.7 billion. Dolan is also the originator and honorary chairman of the Lustgarten Foundation, the largest private financier of pancreatic cancer research worldwide.
In tribute to Charles Dolan's business acumen, HBO and Cablevision were among his notable contributions to the television industry. Additionally, Dolan's kin also played a significant role in managing AMC Networks. Charles Dolan, through his company Cablevision, provided the wiring rights for lower Manhattan, which later facilitated the creation of HBO and AMC Networks.