Spin off gets Cablevision CEO second salary, bonus

AP News
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Posted: Dec 24, 2009 3:30 PM

The chief executive of Cablevision Systems will be getting a second salary, bonus and incentive awards after the company spins off its Madison Square Garden operations in next year's first quarter.

A regulatory filing Thursday says Jim Dolan will become executive chairman of the spun off company. He will get a $500,000 base salary and a target annual bonus that could go as high as four times his salary. He also will get annual cash and stock awards. For 2010, the awards target is $1.75 million.

Dolan's contract with Cablevision was also renewed for five years. He will get a $1.5 million salary, bonuses and other compensation.

Madison Square Garden Group includes the famous arena, Radio City Music Hall and the New York Knicks and Rangers.