SBD/Issue 72/Sports Industrialists

Cablevision Locks Up Three Key Execs, Including Hank Ratner

Ratner (l), Dolan Receive New Five-Year
Deals At MSG
Three top execs at Cablevision “reached new employment agreements that aim to keep them at the company for the next five years, as the cable operator completes a spinoff of some of its sports and entertainment businesses,” according to Shira Ovide of the WALL STREET JOURNAL. The new contracts are for President & CEO James Dolan, COO Tom Rutledge and Vice Chair Hank Ratner. Ovide wrote “locking up” Rutledge is a “particularly notable step for Cablevision because he is a longtime and well-respected Cablevision executive whose name is frequently floated as a candidate" for media-industry CEO posts (WALL STREET JOURNAL, 12/26). In addition to his Cablevision role and compensation, after the MSG spin-off, Dolan will be Exec Chair of MSG and "will devote a portion of his business time to that role." The new MSG agreement provides for Dolan's employment through '14, at a minimum annual base salary of $500,000 plus an annual target bonus of up to $2M. Ratner, who will be President & CEO of MSG following the spin-off, will "devote a majority of his time to his role at MSG but he will also retain his position as Cablevision's vice chairman and will devote a portion of his time to that role." He received two separate employment agreements that will become effective upon the consummation of the spin-off of MSG. As President & CEO of MSG, Ratner will receive an annual base salary of $1.2M and up to $4.8M bonus, “and long-term cash and/or equity awards with an aggregate target value” of $5.4M in ’10 -- “with similar awards expected in subsequent years” (MULTICHANNEL.com, 12/24).

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