Former Cablevision chief and current MSG head and New York Knicks and Rangers owner James Dolan has been sued by a woman claiming he set her up to be raped by now imprisoned producer Harvey Weinstein a decade ago. 

Kellye Croft claims in her complaint, filed in a Los Angeles federal court and reported on by Associated Press that she became romantically linked with Dolan in 2013, when she was 27.

She said Dolan set her up with a job as a masseuse for Eagles headliner Glenn Frey while Dolan's band, JD & the Straight Shot, was out on tour opening for The Eagles on tour. 

Croft said Dolan, then 58, used his power and influence during that time to position seemingly random encounters between her and Weinstein, which she claims led to the convicted rapist sexually assaulting her in a Los Angeles hotel back in early 2014.

Dolan was briefly on the board at Weinstein's production company between 2015 and 2016.

Croft also said that when she informed Dolan of Weinstein's aggressive advances, he blithely remarked, "we all know" that Weinstein "has problems." 

“I have suffered so profoundly because of what James Dolan and Harvey Weinstein did to me years ago, and it was not an easy decision to come forward and seek justice,” Croft said in a statement. “But for me, to truly address my trauma, I need to seek accountability.”

Dolan's attorney, E. Danya Perry, said there is “absolutely no merit” to Croft’s allegations and references to Weinstein are “simply meant to inflame.”

“Kellye Croft and James Dolan had a friendship,” Perry said in a statement. “Bottom line, this is not a he said/she said matter and there is compelling evidence to back up our position. We look forward to proving that in court.”

AMC Networks plans to cut spending on programming by 20% as it waits for the industry to find a better way to monetize content.

In the fourth quarter, AMC Networks executed cost cuts, writing off programming and eliminating 20% of its staff.

The company also said Kristin Dolan will become CEO later this month. Her spouse, AMC interim executive chairman James Dolan, whose family controls the company, spoke on the company’s fourth-quarter earnings call with analysts Friday.

Between cord-cutting and the shift of viewing to streaming, “the current mechanisms for monetizing content are not working,” James Dolan said. “The content industry needs to reorganize itself. We’re seeing this now with most media companies beginning to course-correct to better monetize content and improve the economics of their business.” 

In that process, “we believe large distributors and programmers will lead the way,“ he said. “AMC will follow.”

Dolan said that he was open to M&A activity, but he didn’t think the industry could consolidate meaningfully without a better handle on how to profitably monetize content.

Until then, the company is hunkering down. “AMC Networks will focus on streamlining our organization, operating more like retailers than wholesalers, driving cash flow and maintaining our balance sheet,“ James Dolan said. “At the same time, we will continue to do what we do best, which is making great content.”

AMC will be making less of that great content.

Chief financial officer Patrick O'Connell said that 2022 would represent AMC’s peak year for content investment.

“We expect cash content investment to be approximately $1.1 billion as compared to $1.35 billion dollars in 2022,” O’Connell said. “Looking past 2023, we anticipate our cash content investment will be in the $1 billion area, consistent with our historic pre-pandemic levels.” 

O’Connell said that between 2017 and 2019, AMC spent about $1 billion a year on programming. It jumped up to between $1.3 billion and $1.35 billion in 2021 and 2021.

While the programming cost cut represents a “meaningful reduction,” O’Connell maintained that despite having 20% less to spend, “this still leaves us with plenty of firepower to continue our historical programming cadence.”

The smallest cuts in programming will come at the company’s specialized streaming networks. There will also be a bit less programming on AMC Plus, he said.

The company appears to be focusing on its franchises, with more shows set in The Walking Dead zombie and Anne Rice vampire universes.

James Dolan opened the call by explaining the choice of Kristin Dolan to be the company’s CEO. 

He said AMC’s board of directors made a thorough search. “Based upon Kristin’s considerable executive and operational experience for 30-plus years working in media and entertainment, including her prior history managing subscription-based businesses, the board concluded she is the best candidate for the role,” he said.

“As founder and CEO of the audience measurement and data analytics company 605, Kristen has been on the front lines of the evolution of advanced advertising and audience targeting,“ Jim Dolan said. “She also has a strong record driving organizational change. These are areas of critical importance as we transform AMC, networks and further monetize our high-quality content during this pivotal period in our industry.” ■

AMC Networks named Kristin Dolan, wife of executive chairman James Dolan, as the media company’s new CEO.

Kristin Dolan, 56, was chief operating officer at Cablevision Systems before the family sold it in 2015 and has served as a director of AMC Networks, which was spun off from Cablevision and is still controlled by the Dolan family. Most recently, Kristin Dolan has been CEO of 605, an audience measurement and data analytics company.

AMC’s previous CEO, former CFO Christine Spade departed in November after three months in office. After her departure, James Dolan announced there would be “large scale layoffs” at AMC, and about 20% of the staff was dismissed. 

James Dolan noted that the company — best known for high-profile shows like The Walking Dead, Breaking Bad and Mad Men — was suffering from the industry-wide pressure caused by cord-cutting and that revenue losses at its cable networks were not yet being offset by growth at its subscription streaming services.

AMC is scheduled to report fourth-quarter earnings on Friday.

Also: AMC Restructures Ad Sales Unit Ahead of Upfront Market

“Kristin is a proven executive and operational leader with a track record driving organizational change, a history managing subscription-based businesses, and a deep understanding of audience engagement and advertising,” James Dolan said in making the announcement.

“These are areas of critical importance as we transform our company and monetize our high-quality content,“ he said. “With her considerable experience and knowledge of the company, Kristin is the ideal person to lead AMC Networks into its next chapter as we navigate this transformative period in the industry.” 

According to a filing with the Securities and Exchange Commission, Kristin Dolan will receive a minimum base salary of $2 million and an annual bonus targeted at 200% of salary. She will also be eligible for long-term equity and other incentives with a target value of at least $3.75 million.

She will also get a special award of restricted stock units valued at $6 million.

“It’s a privilege to join a company with a long legacy of engaging audiences with excellent storytelling and world-class brands,” Kristin Dolan said. “It’s also where I started my career in the industry. I look forward to bringing my broad experience — across programming, cable operations and, most recently, utilizing data to reimagine television advertising — to leverage AMC Networks’ strong assets, drive the next phase of the company’s growth, and build shareholder value in the coming years.”

Kristin Dolan is also a director of The Wendy’s Co. and Revlon Inc. and the Dolan family’s Madison Square Garden Co.  ■

AMC Networks said James Dolan has been appointed interim executive chairman of the company, following the departure of CEO Christina Spade on November 29.

Dolan had been chairman of AMC’s board of directors.

When AMC announced that Spade was stepping down, the company said it was “finalizing” who would be named as a replacement.

After Spade’s exit, AMC Networks laid off 20% of the 1,000 people who worked there. The company cited the changing media landscape, with cord-cutting reducing revenues faster than they can be replace by streaming as making eliminating costs necessary.

Also Read: AMC Networks Restructuring To Result in $350-$475 Million Charge

AMC said that as executive chairman, Dolan will be able to provide strategic oversight of the company until a new CEO is named. 

“AMC Networks has a seasoned executive leadership team and I look forward to working with them to provide high-level strategic direction and guidance as we navigate the business during this period of transformation in the media industry," Dolan said.

He will keep the new post until a new CEO is selected or March 6, whichever comes first.

In a filing with the Securities and exchange commission, AMC said that Dolan, whose used to own Cablevision Systems and continues to control AMC, Madison Square Garden and the New York Knick and Rangers, will not receive any incremental compensation with his appointment as interim executive chairman.

As a director of AMC Networks, Dolan received total compensation of $242 624 in 2021. ■

After announcing the departure of CEO Christina Spade, AMC Networks chairman James Dolan sent a memo to staff warning the company was planning to make "large scale" layoffs and other cuts to operations.

In his memo Dolan cited the difficulties faced by the pay-TV industry and the fact that streaming has not yet replaced the revenues being lost by the traditional cable networks that make up the bulk of AMC's business. AMC has confirmed reports that the layoffs could amount to 20% of the company's work force which totals about 1,000 employees.

"As I am sure you are aware our industry has been under pressure from growing subscriber losses. This is primarily due to 'cord cutting.' At the same time we have seen the rise of direct to consumer streaming apps including our own AMC Plus," Dolan said. "It was our belief that cord cutting losses would be offset by gains in streaming. This has not been the case. We are primarily a content company and the mechanisms for the monetization of content are in disarray."

Dolan said that he and the AMC board have decided the company needs to conserve its resources.

"We have directed the executive leadership of AMC Networks to undergo significant cutbacks in operations. These will include a large-scale layoff as well as cuts to every operating area of AMC Networks," Dolan said. "We of course realize that this will cause significant concern and anxiety for our employees and those who rely on AMC Networks for their livelihood. We do not take this lightly. We will take every step possible to minimize the impact of these actions on our community. However, it is imperative that we begin immediately with this new course of action."

Dolan said details of the cuts would be communicated in the near future.

In the third quarter, AMC’s net income dropped to $84.7 million from $110.7 million a year ago. Revenue fell 16% to $682.1 million. Advertising revenue was down 16% to $407 million.

In midday trading AMC Networks shares were down more than 5% to $19.40, down from a 52-week high of $44.66.

AMC Networks management has been in flux for a while. Josh Sapan, who had been CEO of the company for 26 years stepped down in August 2021 and became executive vice chairman. A number of other senior AMC executives have left the company as well.

Sapan was succeeded on an interim basis by former Showtime head Matt Blank. Christina Spade, who had joined the company as CFO from CBS and Showtime, was named CEO in August. ■

AMC Networks said its long-time executive chairman Charles Dolan will step down, becoming chairman emeritus of the programmer as his son and board member James Dolan was named non-executive chairman of the company.

An icon and innovator in the cable business -- he created what would become HBO in the 1970s  -- Charles Dolan, 93, has been executive chairman of AMC Networks ever since it was spun off from the former Cablevision Systems in 2011.

News of the executive changes comes as AMC said it will buy back about $250 million worth of its shares through a modified Dutch auction beginning Sept. 16. AMC will purchase Class A shares in the company at a price of between $22.50 and $26.50 per share (a nearly 28% premium to their closing price of $20.77 each on Sept. 15).

AMC shares have been hit hard during the pandemic -- prior to the buyback announcement the shares were down 7.7% on Sept. 15 to $20.77 each and have fallen 47% for the year. News of the buyback sent the shares up about 17% ($3.48 each) to $24.25 per share in after-hours trading Tuesday. 

In a modified Dutch auction, shareholders indicate how much stock and at what price they want to sell it within a specific range. The structure helps show a company’s confidence that the stock will return to its previous levels. 

“AMC Networks has a strong financial position and the proposed tender offer is a significant expression of strength and the Board’s confidence in our company’s future,” AMC CEO Josh Sapan said in a press release. “The Dolans have led this company from its inception, and both Charles and Jim have provided vision, guidance and support through its long history of growth and evolution. We look forward to their continued leadership as AMC Networks continues to stand out in a crowded environment through the strength and quality of our content and ability to forge strong and lasting relationships with viewers and fans.”

Earlier Tuesday AMC Networks said its chief financial officer Sean Sullivan will step down in mid-October to take a job with another company. In a Securities and Exchange Commission filing, AMC said Sullivan's departure was not related to any disagreement with the company concerning its operations, policies or practices. Later in the day satellite radio giant Sirius XM said it had named Sullivan as its new CFO, effective Oct. 26. 

The joint dealer managers for the tender offer are BofA Securities, Inc. and Citigroup Global Markets Inc. D.F. King & Co., Inc. is serving as information agent for the tender offer and Equiniti Trust Company is serving as the depositary for the tender offer.

Madison Square Garden executive chairman and CEO James Dolan has tested positive for the COVID-19 virus, but has been in self-isolation and is showing little to no symptoms. 

Dolan, the former CEO of Cablevision Systems, which was sold in 2016 to Altice N.V., also is executive chairman of regional sports networks MSG Networks. Madison Square Garden Co. includes the Madison Square Garden arena, Radio City Music Hall and other venues as well as professional sports teams like the NBA New York Knicks and the NHL New York Rangers. MSG is currently in the process of splitting into two separate publicly traded entities, one including the entertainment venues and the other the sports teams. 

Related: Lustgarten Named CEO of Madison Square Garden Spinoff 

In a tweet Saturday (March 28), the Knicks said Dolan has been in self-isolation, showed little to no symptoms and “continues to oversee business operations.”

[embed]https://twitter.com/NY_KnicksPR/status/1244083380695764996[/embed]

Madison Square Garden Co. said it is moving forward with the planned spin-off of its sports and entertainment companies, filing a registration statement with the Securities and Exchange Commission on Friday that names current MSG president Andrew Lustgarten as CEO of its pure-play sports entity, Madison Square Garden Sports.

Madison Square Garden first proposed the spin-off in 2018. Madison Square Garden Entertainment will house Madison Square Garden arena, Radio City Music Hall, The Beacon Theater, and several other entertainment venues. Madison Square Garden Sports will be the home of its professional sports teams the New York Knicks, New York Rangers, Westchester Knicks, Hartford Wolf Pack, Counter Logic Gaming and Knicks Gaming. MSG’s executive chairman and CEO James Dolan will continue to oversee team operations for the Knicks and Rangers.

The deal is still subject to final league and MSG Board approval.

“We look forward to the pending separation of our sports and entertainment businesses, which will better enable the two companies to pursue their own unique strategies, while providing our shareholders with the ability to more clearly assess the value of each company,” Dolan said in a press release. “Over the last six years, Andy has helped guide MSG through an unprecedented period of change. I am confident that his considerable experience in developing strategic relationships and new opportunities will quickly help position the new sports company as one of the world’s leading sports organizations.”

Following the completion of the spin-off, Dolan is expected to serve as executive chairman of the sports company and as executive chairman and CEO of the entertainment company. Lustgarten will also serve as president of the entertainment company.

“MSG Sports will be made up of some of the most celebrated and iconic brands in all of sports, and I look forward to working with the entire organization to ensure we continue to deliver excellence across our operations,” Lustgarten said in the press release. “As a standalone entity, the sports company will be well-positioned to maintain its strong and steady financial performance, driven by our Knicks and Rangers franchises, and to deliver exceptional value for our shareholders.”

Madison Square Garden Co. filed documents with the Securities & Exchange Commission Thursday, moving forward with its plan to separate its sports businesses from its concert and entertainment venues.

Madison Square Garden said in June that it was considering a split of its professional sports teams from its concert venues.

The company said the split would “enable investors to more clearly evaluate each company’s assets and future potential, while providing both companies with increased strategic flexibility to pursue their own distinctive business plan and capital allocation policy.”

Madison Square Garden, headed by former Cablevision Systems CEO James Dolan, has been down this road before. In 2010, MSG, including the teams, were spun-off from Cablevision Systems. In 2015, the assets were split again, into Madison Square Garden -- which included the sports teams and venues -- and MSG Networks, which houses its regional sports channels MSG and MSG-Plus.

The Dolan family sold Cablevision to Altice in 2016.

The company said the separation would be structured as a tax-free spin-off to all MSG shareholders. Upon completion of the deal, those shareholders would receive a pro-rata distribution equal to a two-thirds economic interest in a pure-play sports company. The remaining common stock would be retained by the live entertainment company and is expected to be used to raise capital and/or exchange for the common stock of the entertainment company.

The Dolan family would maintain majority voting control of both companies through their ownership of Class B shares. The spin-off is expected to be completed in the first half of 2019.

According to MSG, the pure-play sports company would include:

• The New York Knicks professional NBA franchise and its development team, the Westchester Knicks;

• The New York Rangers professional NHL franchise and its development team, the Hartford Wolf Pack;

• The New York Liberty professional WNBA franchise, for which the Company is exploring a sale;

• Knicks Gaming, the official NBA 2K esports franchise of the New York Knicks, and a majority interest in Counter Logic Gaming, a leading North American esports organization; and

• A professional sports team Training Center in Greenburgh, NY.

The live entertainment company would include:

• Madison Square Garden, The Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; The Chicago Theatre; and the Wang Theatre in Boston;

• Its bookings business, including the bookings of live sporting events such as college basketball and professional boxing, the results of which are currently reported as part of the Company’s MSG Sports segment;

• Productions, which includes the Radio City Rockettes and the Christmas Spectacular, the nation’s number one live family holiday show;

• Majority interests in TAO Group, a world-class hospitality group, and Boston Calling Events, producer of New England’s preeminent Boston Calling Music Festival;

• Strategic entertainment joint ventures -- Azoff-MSG Entertainment and Tribeca Enterprises;

• An approximately one-third economic interest in the pure-play sports company; and

• Approximately $1 billion in cash on hand.

The live entertainment company would also continue to move forward with plans to create state-of-the-art venues – called MSG Sphere. The first MSG Sphere is expected to open in Las Vegas in fiscal 2021, followed by a second MSG Sphere in London approximately one year later.

J.P. Morgan and PJT Partners continue to serve as financial advisors and Sullivan & Cromwell LLP continues to serve as legal advisor.

Former Cablevision Systems executives Kristin and James Dolan are dipping their toes into venture capital waters, forming an investment fund aimed at providing capital to data, analytics and technology-based businesses in the media space.

Dolan Family Ventures is headed up by former Cablevision chief operating officer Kristin Dolan and her husband, former Cablevision CEO James Dolan.

Kristin Dolan, who has a deep background in the technology industry – she had served in several tech roles at Cablevision during her tenure with the company – is managing partner and founder of DFV. James Dolan will serve as an investor and strategic advisor to DFV. PJT Partners, an independent advisory-focused investment banking firm, provided advice, consulting and support services on the formation, financial and operation structure of DFV.

As COO of Cablevision, Kristin Dolan led all aspects of the company’s cable operations, overseeing thousands of employees, including the company’s entire customer and field service workforce. Among her other responsibilities, she oversaw Cablevision Media Sales, the company’s advertising sales division, which was widely recognized for its data strategy.

James Dolan, as CEO of Cablevision has been a technology buff over the years – he helped start Cablevision Media Sales and the company was one of the pioneers in high-speed data service and advanced advertising. Cablevision sold out to Altice USA in June in a deal valued at $17.8 billion.

In an interview, Kristin Dolan said that while tech start-ups can navigate the bits and bytes associated with the technical side of the business, translating that to the television industry is more difficult.

“I’m constantly amazed by how new media and digital companies for whatever reason struggle to get TV,” Kristin Dolan said in an interview. “Having worked on both sides of the table, to look at some of these investment opportunities and imagine what they can become relative to the businesses we’ve owned in the past and are still involved with, is pretty fun.” 

She added that DFV will seek out companies that are in various stages of development, ranging from start-ups to more established entities. She declined to reveal the average size of investment or the amount of capital available to be invested, but added that DFV is casting a wide net.

“Anything that we choose to pursue will be well funded,” Dolan said.

Cablevision Systems, more than a month after it agreed to a $17.7 billion purchase by European telecom giant Altice, reported its best subscriber performance in three years. But a declining customer base and rising costs helped drive down revenue and cash flow in the third quarter.

Cablevision lost 33,000 basic video subscribers in the period, an improvement over the 56,000 video customers it shed in the same period last year. High-speed data additions of 3,000 were also better than the 26,000 it lost in the prior year. On the telephony front, Cablevision lost 20,000 customers in the most recent period, better than the 33,000 lost in Q3 2014.

But the losses, an increase in programming and legal costs and “unfavorable items” totaling $33.6 million helped drive down adjusted operating cash flow 10% to $423.8 million and revenue down 0.8% to $1.4 billion. Excluding the unfavorable items – for the probable settlement of a pending class action legal matter and for an inventory readjustment – and the deficits would have been reduced to 0.5% on the revenue line and 4.8% for AOCF.

Cablevision agreed to the all-cash Altice deal in September. In announcing the deal Altice said it planned to slash about $900 million in costs from Cablevision, a figure that several analysts called extremely aggressive. At the Goldman Sachs Communacopia conference shortly after the deal was announced, Altice chairman Patrick Drahi said his strategy was to apply European costs structures to Cablevision, including eliminating lofty executive salaries – about 300 Cablevision employees make $300,000 per year or more – and by reducing operating costs.

Cablevision did not hold a conference call to discuss its quarterly results and said it does not intend to hold further calls while the Altice deal is pending.  

“The third quarter was highlighted by the announcement of Cablevision’s sale to Altice for $34.90 per share - an acquisition that will deliver significant value for our shareholders,” CEO James Dolan said in a statement. “In the meantime, together with Altice we are moving full speed ahead to obtain the necessary regulatory approvals, while we remain focused on delivering superior products and outstanding service to our customers.”    

RELATED: Dolans to Drahi: Cash and Carry

With the stroke of his pen, the maverick European telecom mogul Patrick Drahi cemented Altice’s U.S. foothold as the fourth-largest cable operator with a $17.7 billion, all-cash deal to purchase Cablevision Systems, one of cable’s oldest family-owned companies.

The Cablevision deal comes on the heels of Altice’s pending $9.1 billion purchase of Suddenlink Communications, a midsized operator with 1.2 million customers in the Southwest and Midwest. With Cablevision, Drahi’s Altice gets 2.7 million cable customers in the country’s largest market — metropolitan New York City, specifically the Bronx, parts of Brooklyn, Long Island, and parts of New Jersey and Connecticut — and overnight becomes the largest foreign owner of a U.S. cable MSO, with 4 million subscribers.

But Altice’s speedy ascension up the cable ranks — it had no U.S. presence six months ago — brings with it vast uncertainties. And while chairman Patrick Drahi believes he can better run a U.S. cable business by applying European cost disciplines, some analysts believe he will face big challenges.

“Six months ago, we were nonexistent,” Drahi said at the Goldman Sachs Communacopia conference, adding that the new company still has more room to grow.

“This is moving fast, but we’re not in a hurry,” Drahi said. “There are more opportunities to consolidate at these same prices.”

Most analysts agree that Cablevision could be the tip of the iceberg for Altice.

“In our view, clearly Altice is not done with its acquisition strategy, and this could include any telco assets not nailed down,” wrote Pivotal Research CEO and senior media & communications analyst Jeff Wlodarczak.

Critics immediately centered on the deal’s high price — it works out to about 9.5 times cash flow, not including synergies, and 6.1 times with synergies — and what many have said are unrealistic cost-cutting goals. Typical deals are in the range of 7 to 8 times cash flow.

In a blog post, MoffettNathanson principal and senior analyst Craig Moffett said squeezing $900 million in cost synergies from Cablevision could be a chore, especially since Charter Communications has said it will derive about $800 million in cost synergies in its merger with Time Warner Cable, a company about five times larger than Cablevision.

“Cost reductions like those won’t just mean cutting SG&A,” Moffett wrote. “It will mean slashing customer service; repair and maintenance; and sales and marketing (specifically, channel-mix optimization and back-office upgrades). It’s hard not to imagine that that might have at least some impact on market share.”

Altice is one of the most rapidly growing telecom companies in Europe. Based in the Netherlands, it spent about $28 billion on deals in 2014 alone. Altice has about 3.1 million cable customers in France and Israel and more than 20 million wireless customers across Europe.

Altice has managed to squeeze profits out of its businesses with a “slash-and-burn approach,” drastically reducing head count, eliminating what it says are unnecessary costs and aggressively negotiating contracts with suppliers.

Drahi said he also sees savings in electricity costs, by eliminating amplifiers in the network, and in shifting more of the sales function online.

“My model is to bring U.S. ARPU to Europe and the European expense to the U.S.,” Drahi said.

The recipe is simple, Drahi added — control excess costs and the cash flow will take care of itself.

Altice also sees cost-cutting opportunities in employee salaries. CEO Dexter Goei said more than 300 Cablevision employees make $300,000 per year or more.

“I understand that,” Goei said at the conference. “There’s a new sheriff in town. We will probably run things a little differently.”

Still, cost containment wasn’t Cablevision’s only problem. The company has been bleeding subscribers in the past few years after a strong period of growth in the early 2000s. According to Moffett, video subscriber losses in two key areas — the New York boroughs of the Bronx and Brooklyn — have accelerated to 6% and 8% in the past quarter, indicating that Cablevision’s competitive position against Verizon Communications’s FiOS TV is worse than it has been letting on.

Verizon chairman and CEO Lowell McAdam told CNBC’s David Faber last week that he welcomes Altice as a competitor, adding that while Drahi talks tough, he’s heard it before.

“Success in Europe or Asia doesn’t necessarily mean success in the U.S.,” McAdam told CNBC. “Our product, fundamentally, is superior when you have fiber into the home versus any of the DOCSIS products. We welcome them into the market.”

Drahi’s strategy hasn’t quite been solidified yet, but he hinted that higher prices for broadband and more flexible video packaging could be a path. “I think broadband is too cheap,” he said.

In a research note, Moffett said that higher broadband prices may be the only way Altice can offset video losses.

“Verizon’s FiOS brand managers must be licking their chops,” Moffett wrote.

RELATED:A Cable Empire Grows — Fast

In the end, it took a foreigner to do what no domestic cable company could do for the past two decades — convince the Dolan family to sell Cablevision Systems.

Altice’s purchase of Bethpage, N.Y.-based Cablevision for a hefty $17.7 billion marks the end of an era that was begun by Cleveland native Charles Dolan 42 years ago. Dolan, who started out in the TV business by splicing together sports clips for local television stations in his kitchen, had a hand in developing the modern cable industry.

It was Charles Dolan who first thought of a cable channel that showed uncut movies (which later became HBO); who wired Manhattan for cable TV; who developed regional sports channels; and who took a small cable system in Long Island and built it into one of the top performers in the industry.

When Dolan’s son Jim took the helm as CEO in 1995, that growth continued. Cablevision had the highest penetration of advanced services; pioneered the triple play of voice, video and data; and dedicated the capital to build an unparalleled WiFi network when other MSOs were concentrating on cellular service.

Despite its success — and some say because of it — Cablevision has stumbled of late. Slim growth prospects and tougher competition from a reawakened Verizon FiOS, as a well as threats from over-the-top competitors such as Netflix and Hulu, have forced the company to rethink its strategy.

Lately, that has meant focusing on connectivity. The company has made some landmark deals with Netflix, Hulu, HBO Now and others; launched a WiFi-only phone service called Freewheel; and offered a package of high-speed data service and a digital antenna, dubbed the “cord-cutter package,” for cost-conscious millennials.

But that hasn’t been enough to stem subscriber losses. According to MoffettNathanson principal and senior analyst Craig Moffett, competition with FiOS has been worse than expected. Citing U.S. Copyright Office statistics, Moffett said in a recent report that in the second quarter Cablevision had lost about 6% of its subscriber base in the Bronx and 8% of its base in Brooklyn. It seems like the Dolans, who have been known for their scrappiness and refusal to quit, have had enough.

The family said almost as much, saying a statement that nearly half a century after the company was founded, “the time is right for new ownership of Cablevision and its considerable assets.”

“We believe that Patrick Drahi and Altice will be truly worthy successors, and we look forward to doing all we can to affect this transition for our customers and employees,” the statement read. “We expect that Cablevision will be in excellent hands.”

The Dolans also will be well-compensated for their troubles. According to a proxy statement filed with the Securities and Exchange Commission, CEO Jim Dolan will receive a package worth $128 million in severance, bonus and stocks awards if he is not kept on as CEO.

There has been speculation concerning a Cablevision sale for more than 20 years. In the early 2000s, the Dolan family, taking advantage of cheap debt, tried to take Cablevision private three times, only to be thwarted by minority shareholders. After that, Cablevision embarked on a divestiture strategy, spinning off its programming assets into AMC Networks and its sports and arena business into The Madison Square Garden Co. MSG is set to be split yet again, into separate sports and entertainment companies, later this year.

Other analysts weren’t too surprised the Dolans decided the time was right to sell. They pointed to comments Jim Dolan made at the INTX show in May, in which he called for the New York market, his market, to be consolidated.

“They found a buyer,” Telsey Advisory Group media analyst Tom Eagan, a longtime Dolan watcher, said. “If it’s not him [Drahi], who is it going to be next year? It’s unlikely it’s going to be anybody local, and private equity probably isn’t as attractive as it used to be because of the lower cash-flow growth. They’re kind of lucky that they have Drahi in the company.”

Cablevision CEO James Dolan addressed his recent angry email exchange with a New York Knicks fan (see Dolan Lashes Out at Frustrated Fan) at a team charity event today, with The New York Post reporting that Dolan, who also is executive chairman at Madison Square Garden, said he knew he shouldn't have engaged with the fan despite being on the receiving end of what Dolan considered "a personal, hateful attack."

The email exchange ended up being replayed on Deadspin, because Dolan unloaded on a Knick fan for more than five decades, Irving Bierman, for complaining about Dolan's stewardship of the New York Knicks, which last won a National Basketball Championship in 1973. Dolan emailed to Bierman that Bierman sounded sad, possibly an alcoholic and said he had written a hateful note. Both signed off their notes with the term "respectfully."

Per The Post, Dolan said today: “Here’s what happened: I was sent a bad, hateful email. I get emails all the time, like I’m sure you understand. I generally don’t respond to the bad ones. This one, it caught me at the wrong moment and I responded sort of like tit for tat. I knew I shouldn’t have done that, but I did it anyway because it made me angry — it was a personal, hateful attack. Basically it’s over and we got All-Star Weekend. I’d love it if we all just focused on that.’’

Dolan's Madison Square Garden is hosting the NBA All-Star Game on Sunday. For a look at how the NBA is approaching the era of virtual-reality style virtual courtside seats, see this story by Mike Reynolds: NBA, Samsung Make All-Star Events a Virtual Reality.

Cablevision CEO James Dolan said he isn’t overly concerned with the recent spate of over-the-top video offerings on the immediate horizon, but said that he sees a day coming when cord-cutting and OTT services become more prevalent.

Dolan said the reason for his initial ease with the services is that they are priced higher than what his company is currently offering its customers. Some reports have said the Sony service, for example, will offer about 100 channels for $80 per month. ONe of Cablevision's lowest tiers offers more than 120 channels for about $65 per month.

“I don’t know that it is necessarily disruptive to us as a multichannel provider,” Dolan said of upcoming OTT offerings. “But we are keeping an eye on it. Ultimately cord cutting and going to over the top is something we do believe is going to happen and we are preparing ourselves for it.”

So far Sony, Verizon Communications and Dish Network have announced plans for an OTT video service. And Home Box Office and CBS also have announced plans to provide a direct-to-consumer service sometime next year.

Cablevision has no plans at the moment for its own OTT service, but Dolan has been a big proponent of offering consumers greater connectivity, whether that be through the hardwire cable network, WiFi services or other wireless means.  Cablevision has one of the most robust WiFi networks in the industry – it claims its customers have access to about 1 million WiFi hotspots in its service territory.  Dolan said the plan to try to further monetize WiFI, which has been used primarily as a retention tool.

Cablevision estimates that more than 50% of its broadband customers use the WiFi network and that a significant majority use WiFi more than 50 times per month.

“We’re looking very closely at the connectivity model, from WiFi to data to over the top ad looking to where that is gong” Dolan said. "One thing we do see is significant uses of data; it’s increasing almost exponentially. We think that is where the growth is going to come from. We think there will be additional uses of the network, including the WiFi network, that will bring us financial growth.”

Madison Square Garden literally buzzed Thursday night, as more than 7,400 rock fans armed with kazoos supplied by Cablevision CEO Jim Dolan’s band JD & The Straight Shot, smashed a record previously held by a crowd of British opera lovers.

Dolan, whose band opened for the Eagles at MSG Sept. 18, had previously said if the crowd was able to break the record for Largest Kazoo Ensemble, previously set by the BBC in 2011 at London's Royal Albert Hall, he would donate $100,000 to the ALS Association.

According to MSG, 7,422 concert-goers buzzed along to the Straight Shot’s rendition of Governor’s Blues, which includes a kazoo solo by Dolan, officially shattering the previous record of 5,190 who hummed along to Wagner’s Ride of the Valkyries and Eric Coate’s  Dambuster’s March.

Dolan and his band took the stage at 7:15 p.m. Sept. 18 and later were joined by such celebrities as New York Knicks stars Carmelo Anthony and Amar’e Stoudemire, New York Rangers all-star goaltender Henrik Lundqvist and tennis legend John McEnroe to play Governor’s Blues. After a brief tutorial by Dolan on how to play the instrument – it apparently is more involved than just whistling, Steve  – fans joined in.

“I’m honored to make this donation to ALS, and very proud that Eagles fans came together to make this moment happen,” Dolan said in a statement. “I want to thank Carmelo, Amar’e, Henrik and John for taking the time and having so much fun with us on stage, and to the fans at The Garden on Thursday for making this such a memorable event for an important cause.”

Dolan first announced his intention to break the kazoo record after submitting to an ALS Ice Bucket Challenge from former New York Knicks star Patrick Ewing. After Dolan literally took the plunge, he said he would donate $100,000 to ALS if he could shatter the kazoo mark on Sept. 18.

ALS, which has raised more than $114 million through the Ice Bucket Challenge, was grateful for Dolan’s support.

“We are grateful to James Dolan and his band JD & The Straight Shot for this very generous donation and the awareness he has helped raise for this important cause,” said Dorine Gordon, President and CEO of the ALS Association Greater New York Chapter in a statement. “The Ice Bucket Challenge has been a true phenomenon and we are grateful for the outpouring of support that our organization has received. We have a long way to go to reach our goal of finding a cure for this devastating disease. We continue to not only push for research but also to make treatments and care accessible and affordable for all ALS patients as well as the families of those living with ALS right here in the NY/NJ area.”

In the long tradition of band leaders and kazoo masters like Spike Jones, Freddy Mercury and Frank Zappa, Cablevision Systems CEO and JD & the Straight Shot front man Jim Dolan is offering a unique twist on the popular ALS “Ice Bucket Challenge,” passing out thousands of kazoos at Madison Square Garden Thursday night in an effort to raise $100,000 for the charitable organization.

Dolan, who also serves as executive chairman of Madison Square Garden Co., will attempt to break the world record for largest kazoo ensemble, set in 2011 by the BBC at Royal Albert Hall. At that record-setting performance, 5,190 kazooists (as they are called) played Wagner’s Ride of the Valkyries and Eric Coates’ Dambusters March at Royal Albert Hall. Dolan will pass out about 6,000 kazoos (emblazoned with his band’s logo) and will be joined by several celebrity guests as he attempts to soundly break the record.

Dolan and his band are scheduled to be the opening act for The Eagles at The Garden on Thursday, Sept. 18. They are expected to hit the stage at 7:15 p.m. The kazooing will commence with the song “Governor’s Blues,” which includes a kazoo solo by Dolan.

Dolan and his band performed Tuesday on Fox station WNYW’s Good Day New York morning program to help prmote the effort. Here’s a clip.

JD & The Straight Shot, which just released its latest CD – Where I’ve Been – would be the latest in a long line of Rock N’ Roll kazooists. Several top rock acts have used the instrument – or its cheaper comb-and-tissue paper equivalent – including Jimi Hendrix (in Crosstown Traffic); Frank Zappa (in Hungry Freaks, Daddy) Queen’s Freddy Mercury and Roger Taylor (in Seaside Rendezvous) and Pink Floyd (in Corporal Clegg).

The ALS ice bucket challenge has been a runaway Internet hit for the ALS Association. As of Sept. 16, more than 3 million people have taken the challenge – posting videos on Facebook dumping ice water over their heads and asking friends to do the same or donate to ALS – and have raised an estimated $113.6 million for the organization which funds research and provides assistance to people with Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s Disease.

Dolan is no stranger to raising money for good causes. He is on the board of directors of The Lustgarten Foundation, an organization he founded and wich is dedicated to finding a cure for Pancreatic Cancer, a disease that claimed his friend and mentor, former Cablevision vice chairman, in 1999.