The Dolan family is the family that made one of America's cable fortunes, which began with 1,500 subscribers in Long Island over 40 years ago. On Thursday, the Dolan family settled to sell the company Cablevision, the cable television company that Charles F. Dolan started 42 years ago. The company was sold to Altice, a European media company, for $17 billion, including debt; the family sounded forlorn about the deal. "Since Charles Dolan founded Cablevision in 1973, the Dolan family has been honored to help sheperd our customers and employees through the most extraordinary communications revolution in modern history," James L. Dolan, Charles Dolan's son, stated. "Now, nearly half a century later, the time is right for new ownership of Cablevision and its considerable assets." The Dolans were a family that established themselves as a pioneer in the cable industry in the 1950s. The sale to Altice values the Dolan's collective stake in Cablevision at about $2.2 billion. The company has about 3 million customers in the Northeast, it hasn't really had the best customer satisfaction, they earned a mediocre customer satisfaction rating in a survey last year, although it has been the source of cable television and Internet for many in the tristate area. However, the family isn't leaving entirely, they still have control of the Knicks and the Rangers, the Madison Square Garden, and AMC Networks, the home of "The Walking Dead" and other successful shows.
What caught my attention about this article is that the company made a lot of money off this deal, they even got rid of their debts because that was part of the deal, their debts were passed on to Altice. This impacts me as a student and a filmmaker because Charles Dolan's company wasn't always in a good condition but he kept persisting and eventually became a very successful company. A question this raises for the company is if Altice will improve the company from when the Dolan family had control of it.
No comments:
Post a Comment