Cablevision Systems Corp. Chief Executive Officer James Dolan could get at least $128 million if he’s dismissed after Altice NV acquires the cable provider.
The payout would include $12 million in severance and a $5.61 million bonus, according to the Bethpage, New York-based company’s proxy filing. He also holds equity awards worth $110.5 million at the $34.90 offer price that would vest early, data compiled by Bloomberg show.
Altice, the European telecommunications firm owned by billionaire Patrick Drahi, said Wednesday it agreed to acquire Cablevision in a $17.7 billion deal that would create the fourth-largest cable provider in the U.S.
Arthur Dreyfuss, a spokesman for Altice, declined to comment. Charlie Schueler, spokesman for Cablevision, didn’t immediately respond to a call seeking comment.
Dolan is the son of Cablevision founder Charles Dolan, who controls the family’s 22.9% percent stake in the company. The stock is held directly and through several trusts and includes Class A and B shares, according to a Sept. 11, 2015 regulatory filing. Before the deal was announced, the stake was valued at $1.9 billion, giving the family a net worth of $4.3 billion, according to the Bloomberg Billionaires Index. They will see a pretax gain of about $400 million when the company is sold.