(Corrects subscriber losses in last paragraph.)
Cablevision Systems Corp. (CVC) Chief Executive Officer James Dolan’s 2011 compensation fell to $11.4 million as the company’s shares tumbled 40 percent.
Dolan’s compensation is 15 percent lower than 2010 and 33 percent lower than 2009, the company today said in a filing. Cablevision’s shares dropped after it spun off AMC Networks Inc. (AMCX) in June and aggressively discounted against Verizon Communications Inc.’s FiOS, hurting profit.
Dolan took over operational responsibilities for the fifth- largest cable operator in 2012 after Chief Operating Officer Tom Rutledge left to take the CEO role at Charter Communications Inc. (CHTR) in December. Rutledge made $23.2 million in 2011 and $28.2 million in 2010.
Bethpage, New York-based Cablevision’s earnings excluding one-time items missed analysts’ estimates in the second and third quarters. The company lost 64,000 video customers in 2011, according to year-end reports.
Dolan is also chairman of Madison Square Garden Co. (MSG)
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