Billionaire founder of HBO and cablevision passes away
Charles F. Dolan, who founded some of the most prominent U.S. media companies, including Home Box Office Inc. and Cablevision Systems Corp., has died at the age of 98, according to a news report.
A statement released by his family on Saturday said Dolan died of natural causes, Newsday reported late Saturday.
“With profound sadness we announce the passing of our beloved father and patriarch, Charles Dolan, the visionary founder of HBO and Cablevision,” the statement said.
Dolan’s legacy in cable broadcasting includes the launch of Home Box Office, later known as HBO, in 1972, and Cablevision in 1973 and the founding of the American Movie Classics television station in 1984. He also launched News 12 in New York City, the first 24-hour cable channel for local news in the U.S., Newsday reported.
The Cleveland native, who dropped out of John Carroll University in suburban Cleveland, completed the sale of Cablevision to Altice, a European telecommunications and cable company, in June 2016 for $17.7 billion.
Dolan, whose primary home was in Cove Neck Village on Long Island, New York, also owned controlling stakes in companies that owned 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, was CEO of Cablevision from 1995 until its 2016 sale to Altice. He is now the executive chairman and CEO of Madison Square Garden Sports Corp. The company owns the Knicks and Rangers franchises, among other properties, according to the MSG Sports website.
Newsday, which Cablevision bought in 2008, also came under Altice’s control with the sale. Patrick Dolan, another son of Charles Dolan, led that group in repurchasing 75% of Newsday Media Group in July 2016. Patrick Dolan then bought the remaining 25% stake in 2018.
At the time of his death, Charles Dolan and his family had a net worth of $5.4 billion, Forbes reports.
Dolan was the founder and honorary chairman of The Lustgarten Foundation in Uniondale, New York, which funds research into pancreatic cancer.
He has six children, 19 grandchildren and five great-grandchildren. His wife, Helen Ann Dolan, died in 2023, Newsday reports.