Distinguished entrepreneur and creator of HBO and Cablevision, Charles Dolan, passes away at the age of 98.
A declaration made on Saturday revealed that Charles Dolan, our cherished father and leader, who founded HBO and Cablevision, had passed away due to natural causes, as reported by Newsday late Saturday.
"With heartfelt sadness, we announce the demise of our dearly loved father and patriarch, Charles Dolan, the imaginative creator of HBO and Cablevision," the statement stated.
Dolan's influence on cable broadcasting encompasses the 1972 introduction of Home Box Office, later known as HBO, and the establishment of Cablevision in 1973 as well as the American Movie Classics television station in 1984. He also initiated News 12 in New York City, being the first 24-hour cable channel for local news within the U.S., Newsday reported.
The Cleveland native, who left John Carroll University in suburban Cleveland before graduating, completed the transfer of Cablevision to Altice to the European telecommunications and cable company for $17.7 billion in June 2016.
Dolan, who resided primarily in Cove Neck Village on Long Island in New York, also possessed a significant stake in companies managing Madison Square Garden, Radio City Music Hall, the New York Knicks, and the New York Rangers, Newsday reported.
James L. Dolan, one of his sons, served as Cablevision CEO from 1995 until the 2016 sale to Altice and now holds the position of executive chairman and CEO of Madison Square Garden Sports Corp., which oversees the Knicks and Rangers franchises as well as other properties, according to the MSG Sports website.
Newsday, which Cablevision acquired in 2008, also shifted control to Altice as a result of the sale. In July 2016, Patrick Dolan, another son of Charles Dolan, repurchased 75% of Newsday Media Group, and in 2018, he bought the remaining 25% share, Newsday reported.
At the time of his death, Charles Dolan and his family held a combined net worth of $5.4 billion, according to Forbes.
Dolan co-founded and served as chairman emeritus of The Lustgarten Foundation in Uniondale, New York, dedicated to pancreatic cancer research.
He leaves behind six children, 19 grandchildren, and five great-grandchildren. His wife, Helen Ann Dolan, had passed away in 2023, Newsday reported.
The transfer of Cablevision to Altice in 2016 marked a significant milestone in Charles Dolan's business career, as he sold the company for $17.7 billion. Additionally, Charles Dolan's media empire expanded beyond cable television, with investments in companies managing Madison Square Garden, Radio City Music Hall, and sports franchises like the New York Knicks and the New York Rangers.
