Cablevision CEO, MSG Entertainment chairman and longtime Harvey and Bob Weinstein pal James Dolan has exited The Weinstein Company’s board of directors after a year in the gig. TWC confirmed the news today and said it already has named Milwaukee Bucks owner and Avenue Captial hedge fund CEO Marc Lasry to replace him.
Dolan cited his day-to-day business dealings with MSG, MSG Networks, AMC Networks and his personal commitments to his family and music as the reasons for his departure. “The company is in good shape,” he said in a statement. “Harvey and Bob remain close personal friends and I will continue to be supportive in any way I can. I wish my fellow board members continued success.”
Said Harvey Weinstein: “Jim Dolan is one of my and Bob’s best friends. His insight into business has led us to grow an unbelievably successful TV division. He was the biggest impetus, years ago, for us getting into TV in a big way — we owe him for that. I appreciate all that Jim has done for the company.”
In February, Weinstein and David Glasser said TWC’s television division was worth $500 million-$900 million and that they were seeking a sale of either the growing unit or their rich film library.