James Dolan, the chairman of AMC Networks and the owner of MSG Sports, MSG Entertainment, and Sphere Entertainment Co., has signed three-year contract extensions with all three companies. Dolan and his family control these companies, with over 70 percent of the voting shares in each of them. The contract extensions will see Dolan receive a total annual value of about $37.5 million across the three companies. His salary will be just over $3.3 million, with MSG Sports accounting for $1.6 million, MSG Entertainment $1.5 million, and Sphere Entertainment $230,000. In addition to his salary, Dolan will have an annual target bonus of $6.6 million. His contract with Sphere Entertainment includes nearly 2.8 million performance vesting options or a long-term incentive plan valued at $11.77 million [9bfe9514].
The Dolan family previously owned Cablevision, which they sold to Altice in 2016 for $17.7 billion. Since then, James Dolan has been restructuring the businesses and launching the Sphere in Las Vegas. The initial Sphere in Las Vegas cost $2.3 billion to construct, and Dolan plans to build similar structures around the world. The MSG Networks division of Sphere Entertainment is currently generating a significant portion of the company's profits [9bfe9514].