Charles Dolan's net worth explored as HBO and Cablevision founder passes away at 98

Cable pioneer Charles Dolan, who founded HBO and Cablevision, passed away on December 28 at 98 years old due to natural causes, news that a family statement confirmed. As per Celebrity Net Worth, Charles Dolan is famous as an entrepreneur and businessman who made telecommunications history, and his net worth stands at $5 billion.

Newsday, which Dolan's son, Patrick, owns and Dolan previously co-owned, reported his death late on Saturday, December 28, with the family's statement. It reads:

"It is with deep sorrow that we announce the passing of our beloved father and patriarch, Charles Dolan, the visionary founder of HBO and Cablevision."

USA Today also quoted a statement from the family's spokesperson saying that the media mogul died " peacefully from natural causes, surrounded by his loved ones." He is remembered as a "trailblazer in the television industry and a devoted family made" in the statement, which also noted that his "legacy will live on."

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Charles Dolan earned his fortune by founding and acquiring businesses in media and beyond

A Cleveland native, Charles Dolan first worked for a TV news service around the early 1950s before he became a media mogul. He started with securing the wiring rights for lower Manhattan and founded Sterling Manhattan Cable in 1962, per NY History. That earned him his initial fortune, which had since grown to an estimated $5 billion per Celebrity Net Worth.

Dolan also launched Home Box Office, later known as HBO, in 1972. However, in 1973, Dolan had already sold his interest in HBO, along with his assets in Sterline, to Time Inc., which he used to fund his new venture, Cablevision, per Deadline.

One of his sons, James, served as Cabelvision's CEO from 1995 up to 2016, when he sold the company to the European telecommunication company Altice for $17.7 billion, per Forbes.

Between that time, he founded the American Movies Classics network in 1984, which was later renamed AMC Networks, and bought Newsday via Cablevision in 2008. While Newsday was part of the sale to Altice, Charles Dolan and his son Patrick led a group to repurchase 75% of the media company in July 2016, with Patrick Dolan acquiring the remaining 25% stake two years later.

In 2020, years after AMC Networks had already become a separate public company from Cabelvision, Charles Dolan stepped down as the executive chairman of the board of directors. The Dolan family also has stakes in Madison Square Garden Sports Corp., the company that owns the Knicks and Rangers franchise, and Radio City Music Hall, per Deadline.

With his passing, a statement from the MSG Entertainment, MSG Sports, and Sphere Entertainment spokesperson via Deadline looked back on his impact and legacy. It partly reads:

"The impact he made on the media, sports, and entertainment industries, including as the founder of Cablevision and HBO, is immeasurable. His life was a testament to the importance of innovation, generosity, and hard work, and his legacy will live on in the industries he pioneered, the communities he served, and the memories of those who loved him."

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Dolan's wife, Helen Ann, passed away in 2023, and they are survived by their six children, 19 grandchildren, and five great-grandchildren, Newsday reported.