Cablevision paid Dolan $11 mil in 2006
EmptyNEW YORK -- Cablevision Systems Corp., a New York area cable TV provider, paid its chief executive, James Dolan, compensation valued at $11 million in 2006, according to a regulatory filing Monday.
Cablevision also said in its proxy statement that it would hold a special shareholder meeting at an unspecified time later in the year to consider a deal proposed by the Dolan family, Cablevision's controlling shareholders, to take the company private. The company's regular shareholder meeting, meanwhile, will take place June 14.
Dolan received $1.6 million in salary last year, $3.75 million in bonus, and stock and options that had an estimated value of $4.8 million when they were awarded.
Dolan also earned $782,811 in other compensation, including $201,475 in use of the company aircraft, $153,772 for a company car and driver, deferred compensation of $179,070 and life insurance premiums of $37,705.
James Dolan's father, Charles, who serves as the chairman of Cablevision, received a similar compensation package: $1.6 million in salary, $3.75 million in bonus, stock and options valued at $4.8 million, and other compensation of $892,323.
In Charles Dolan's case, the other compensation included aircraft use of $381,497, car and driver expenses of $94,347, deferred compensation of $179,070 and life insurance premiums of $130,276. Charles Dolan's total compensation was valued at $11.1 million.
Cablevision announced May 2 that its board had approved a proposal from the Dolans to take the company private at $36.26 per share, valuing the company at about $10.6 billion. It was the family's third attempt to reach a deal with its board to buy out public shareholders. The deal faces regulatory and shareholder approval.
The Associated Press calculates total pay by including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year.