A Delaware court has found that payments made to Cablevision Chairman Charles Dolan and other Dolan family members, who also worked for Cablevision, in excess of $100 million was legally allowed. According to the Court, “independent directors” made the decision of the payments and not the Dolan family.
In 2014, Cablevision CEO James Dolan ranked fourth on the list of highest paid executives, having made near $24 million. This while the company is losing video subscribers in record amounts.
“(Cablevision) has lost video subscribers for 11 consecutive quarters now, as it struggles to fend off competition from telecom companies such as Verizon and AT&T.” – Reuters
Cablevision paying anyone that amount is laughable considering how questionable the future is for the company. Just last year, one study pointed out how ridiculously high the average Cablevision customer bill was compared to others.
An analysis of monthly cable bills by SNL Kagan found that while all cable TV bills are high (and increasing, sometimes twice a year) Cablevision customers have it the worst in terms of high rates. Cablevision customers on average now pay the company $152.72 a month, significantly higher than the next most expensive cable operators — Comcast ($137.24 per month on average) and Verizon FiOS ($122.57 per month on average). – DSLReports
As FierceCable notes, Cablevision’s future is even more questionable since they are currently fighting and losing a battle with Verizon FiOS for customers in a large part of their service area.
Just this year, Cablevision filed a lawsuit against Verizon due to the fact that Verizon promoted how much faster their Wi-Fi service was against Cablevision (which it is).