Lucrative arrangement for Charles Dolan at Cablevision spinoff
An 8-K filing from Cablevision discloses that Charles Dolan, the company's chairman, will receive lucrative compensation for part-time duties as executive chairman of AMC Networks, a planned spinoff of Cablevision, the business blog Footnoted.com reported.
Dolan and his family control nearly 71% of the vote at Cablevision, the blog report noted. Last year, Cablevision paid him $13.8 million, including $10 million in cash, $3 million in stock and other benefits.
Under Dolan's contract with AMC, he will receive an additional $2 million: $400,000 in salary, a target bonus of $700,000, plus long-term incentive grants of $900,000 in a combination of cash and stock, the Footnoted report said. The blog noted that, according to the 8-K, Dolan will "devote a portion of his business time" to his position as AMC's executive chairman but "will devote most of his business time" to his job as Cablevision's chairman. (Source: Footnoted.com, June 10, 2011.)
Posted Monday, June 13, 2011 • Permalink