John C. Malone

"John Malone" redirects here. For other uses, see John Malone (disambiguation).
John C. Malone
Born (1941-03-07) March 7, 1941
Milford, Connecticut, US
Residence Parker, Colorado, US[1]
Nationality American
Education Yale University (B.A.)
New York University (M.S.)
Johns Hopkins University (M.S., Ph.D)
Known for Media proprietorship, philanthropy
Net worth US$6.5 billion (February 2016)[1]
Spouse(s) Leslie
Children Tracy Amonette, Evan Malone
Parent(s) Daniel L. Malone

John C. Malone (born March 7, 1941) is a billionaire American business executive, landowner and philanthropist. He served as chief executive officer (CEO) of Tele-Communications Inc. (TCI), a cable and media giant, for twenty-four years from 1973 to 1996. Malone is now chairman of Liberty Media, Liberty Global, and Liberty Interactive. He was interim CEO of Liberty Media, until succeeded by former Oracle CFO Greg Maffei.

Early life and education

John C. Malone was born on March 7, 1941 in Milford, Connecticut.[2][3] His father was Daniel L. Malone, an engineer.[4] John Malone is of Irish Heritage.[5][6][7]

In 1959, Malone graduated from Hopkins School in New Haven, Connecticut. In 1963, he graduated at Yale University with a BA in electrical engineering and economics, where he was a Phi Beta Kappa and National Merit scholar. In 1964, Malone graduated at Johns Hopkins University with a MS in industrial management. He also received a MS in electrical engineering at an NYU program at Bell Labs in 1965 before receiving his PhD in operations research at Johns Hopkins in 1967.[8]

Business career

In 1963, Malone began his business career at Bell Telephone Laboratories of AT&T, working in economic planning and research and development. In 1968, he joined McKinsey & Company, and in 1970, became Group Vice President at General Instrument Corporation (GI). He was later named President of Jerrold Electronics, a GI subsidiary. For twenty-four years, from 1973 to 1996, Malone served as President and CEO of Tele-Communications Inc. (TCI).

Malone serves on the Boards of Directors for the Bank of New York Mellon, the Cato Institute, and Expedia.com. Additionally, Malone is Chairman Emeritus of the Board for Cable Television Laboratories, Inc. and Chairman of Liberty Global, Inc., and the DirecTV Group.[8] His rise to Chairman at Liberty Global, Inc., was contentious at times. In 2005, John Malone held 32 percent of the shares in the media concern News Corporation, and although only about half of these shares were voting shares, Rupert Murdoch reportedly had concerns that he might lose the control of his company to Malone, and tried to oust him from the firm with a "poison pill" strategy.[9] He served as Director of the National Cable & Telecommunications Association (NCTA) from 1974 to 1977 and again from 1980 to 1993. During the 1977–1978 term, Malone was the NCTA's Treasurer.[8]

Land ownership

He owns Silver Spur Ranches, a ranching and beef company which includes the Silver Spur Ranch in Encampment, Wyoming, Bell Ranch and the TO Ranch in New Mexico as well as ranches in Walden, Colorado and Kiowa, Colorado.[3] As of 1 February 2011, he has surpassed Ted Turner as the largest individual private landowner in the US, owning 2,100,000 acres (8,500 km2) of land, most of which is in Maine.[10] His international real estate holdings include Humewood Castle in Ireland.[11]

Philanthropy

In 2000, Malone gave $24 million for the construction of Yale's Daniel L. Malone Engineering Center, named in honor of his father.[4] In 2011, Malone gave the Johns Hopkins Whiting School of Engineering's largest gift ever of $30 million for a new building on Homewood Campus. The building will be named Malone Hall.[12] In the same year, he gave the Yale School of Engineering & Applied Science's largest gift ever of $50 million.[4] Malone has also given $60 million to Hopkins School to fund the construction of two new buildings, Malone Science Center, named for his father, as well as Heath Commons, named after his favorite Hopkins teacher.

In 2014, Malone and his wife donated $42.5 million to Colorado State University to help create their Institute for Biologic Translational Therapies, which aims to develop stem cell and other treatments for animals and people. Of the donation, $32.5 million will pay for half the construction costs and $10 million will go to operational expenses.[13]

Malone Scholars Program

In 1997, he established the Malone Family Foundation, which operates the Malone Scholars Program that provides scholarship endowments to select private schools throughout the United States after a rigorous research process of top schools,[14] including Hopkins School, Waynflete School, and thirty-six others as of 2011.[15]

Personal life

Malone reportedly shuns the limelight and glamorous lifestyle and takes his family vacations alongside long time friend Gary Biskup, in a recreational vehicle.[16][17] However, in business dealings he has been dubbed "Darth Vader", a nickname allegedly given to him by Al Gore when Malone was the head of TCI, where he demanded equity positions in cable programming services in return for carriage, and attempted to defeat the must-carry rules which protected broadcasters, a battle which the cable industry eventually lost in 1997 in the U.S. Supreme Court.[18][19] In 1994, Wired portrayed Malone on their cover as "Mad Max" from The Road Warrior, with an interview describing his battles with the FCC.[20]

References

  1. 1 2 "John Malone – Forbes". Forbes. September 2013. Retrieved 22 January 2014.
  2. ↑ "Gift from alumnus John Malone to fund engineering building". Yale Bulletin & Calendar. Retrieved November 5, 2011.
  3. 1 2 Jeff Hull, Meet the largest landowner in America, Fortune, September 27, 2012
  4. 1 2 3 "SEAS nets $50 million donation". Yale Daily News. Retrieved November 4, 2011.
  5. ↑ Peter Flanagan (December 22, 2014). "US mogul John Malone buys up former Tony O'Reilly estate Castlemartin for €28m". Irish Independent.
  6. ↑ Patrick Counihan (December 27, 2012). "Irish American John Malone pays $10million for luxury Irish estate". IrishCentral.
  7. ↑ Kim Bielenberg (April 5, 2014). "Homecoming of two million acre man John C Malone". Irish Independent.
  8. 1 2 3 "Company Overview -–Management". Liberty Media. Retrieved 2014-02-09.
  9. ↑ Trefgarne, George (August 26, 2005). "Murdoch's son sees pay doubled ahead of exit". The Daily Telegraph (London).
  10. ↑ Seelye, Katharine Q. (28 January 2011). "For Land Barons, Acres By the Millions". The New York Times.
  11. ↑ Flynn, Finbarr (21 May 2013). "John Malone Buys Irish ‘Green Banana’ as Castle Prices Fall". Bloomberg. Retrieved 21 May 2013.
  12. ↑ "Liberty’s Malone Makes Largest Gift Ever to Whiting School". Johns Hopkins University. Retrieved November 5, 2011.
  13. ↑ "Billionaire John Malone Donates Millions to Colorado State University". CBS Denver. 29 December 2014. Retrieved 28 April 2015.
  14. ↑ "About the Foundation: Who We Are". Malone Family Foundation. Retrieved November 4, 2011.
  15. ↑ "Malone Scholars: Program Schools Offering Malone Scholarships". Malone Family Foundation. Retrieved November 4, 2011.
  16. ↑ "Darth Vader and the Sun King". London: The Independent. October 1, 2000. Retrieved 2009-02-11.
  17. ↑ "An RV Story... McMansions On Wheels". CampHalfPrice.com. October 15, 2005. Retrieved 2009-02-11.
  18. ↑ Jamie Doward (July 6, 2003). "Ruthless champion of Liberty". London: The Guardian. Retrieved 2009-02-11.
  19. ↑ Mark Lewis (July 11, 2001). "Cable's Darth Vader Is Back". Forbes. Retrieved 2009-02-11.
  20. ↑ Kline, David (July 1994). "Infobahn Warrior". Wired (magazine). Retrieved 2010-11-14.

Further reading

External links

This article is issued from Wikipedia - version of the Wednesday, April 27, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.