Mark Cuban

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Mark Cuban

Born July 31, 1958 (1958-07-31) (age 49)
Pittsburgh, Pennsylvania[1]
Occupation Owner of Dallas Mavericks, co-owner of 2929 Entertainment, and Chairman of HDNet
Net worth ▲ $2.8 Billion
Spouse Tiffany Stewart (2002 - present)
Children 2 daughters

Mark Cuban (born July 31, 1958 in Pittsburgh)[1] is an American billionaire entrepreneur.[2] He is the owner of the Dallas Mavericks, an NBA team[3], and Chairman of HDNet, an HDTV cable network.[4]

Contents

[edit] Early life

Mark Cuban (his family's last name was shortened from Chabenisky when his grandparents, Russians, arrived at Ellis Island)[5] grew up in Mt. Lebanon, Pennsylvania; a suburb of Pittsburgh in a working class family; his father was an automobile upholsterer.[1][6][7] Cuban's first step into the business world occurred at age 12, when he sold garbage bags in order to pay for a pair of expensive basketball shoes.[1][8] While in school, he held a variety of jobs, including bartending, disco dancing instructor, and party promotion. He paid for college by collecting and selling stamps (Philatelic Investment), and once gained about $1,100 from starting a chain letter.[1]

Rather than attending high school for his senior year, Cuban enrolled as a full time student at the University of Pittsburgh, becoming a member of Pi Lambda Phi International Fraternity. After one year at the University of Pittsburgh, he transferred to Indiana University's Bloomington, Indiana campus and graduated in 1981 with a Bachelor's Degree in Business Administration.[9] He played rugby union football while at Indiana, taking up the position of number 8.

[edit] Bartender to dot-com billionaire

In 1982, Cuban moved to Dallas, Texas. Cuban first found work as a bartender,[10][11] then as a salesperson for Your Business Software, one of the first PC software retailers in Dallas. He was terminated less than a year later for not opening the store on time while out making a sales call finalizing a large software purchase with a customer.[11]

Cuban started a company, MicroSolutions, with support from his previous customers from Your Business Software. MicroSolutions was initially a system integrator and software reseller. The company was an early proponent of technologies such as Carbon Copy, Lotus Notes, and CompuServe.[12] One of the company's largest clients was Perot Systems.[13] In 1990, Cuban sold MicroSolutions to Compuserve—then a subsidiary of H&R Block—for $6 million.[14] He netted approximately $2 million after taxes on the deal.[15]

In 1995, Cuban and fellow Indiana University alum Todd Wagner started Audionet, combining their mutual interest in college basketball and webcasting. With a single server and ISDN line,[16] Audionet became Broadcast.com in 1998. By 1999, Broadcast.com had grown to 330 employees and annual revenues near $100 million.[17] In 1999, during the Dot-com boom, Broadcast.com was acquired by Yahoo! for $5.9 billion in Yahoo! stock.[18]

[edit] Billionaire entrepreneur

After the sale, Cuban diversified his wealth to avoid exposure to a market crash.[19] As of 2007, Cuban is #133 on Forbes' "World's Richest People" list, with a net worth of $2.8 billion.[20] The Guinness Book of Records credits Cuban with the "largest single e-commerce transaction," $40 million for his Gulfstream V jet in October 1999.[21]

Cuban continues to work with Wagner in another venture, 2929 Entertainment, which provides vertically integrated production and distribution of films and video.[22] On September 24, 2003, the firm purchased Landmark Theatres, a chain of 58 arthouse movie theaters.[23] The company is also responsible for the updated version of the TV show Star Search, which was broadcast on CBS.[24] 2929 Entertainment released Bubble, a movie directed by Steven Soderbergh, in theaters and on DVD on the same day in January 2006 as a simultaneous release.

Cuban was featured on the cover of the November 2003 premiere issue of Best magazine,[25] announcing the arrival of High Definition Television. Cuban also was co-founder (with Philip Garvin) of HDNet, the first high-definition satellite television network.[26]

In February 2004, Cuban announced that he would be working with ABC television to produce a reality television series called The Benefactor. The premise of the six-episode series involved 16 contestants vying to win $1 million by participating in various contests, with their performances being judged by Cuban. It premiered on September 13, 2004 but, due to poor ratings, was cancelled before the full season aired.[27]

Cuban financially supported Grokster in the Supreme Court case, MGM v. Grokster.[28] He is also a partner in Synergy Sports Technology, a web based basketball scouting and video delivery tool, used by many NBA teams.

Recently, Cuban has spearheaded ventures in the social software and distributed networking industries. He's an owner of IceRocket, a search engine which scours the blogosphere for content.[29] Cuban was also a partner in RedSwoosh[30] — a company which uses peer-to-peer technology to deliver rich media, including video and software to a user's PC, later acquired by Akamai. He was also an investor in Weblogs, Inc. which was acquired by AOL.[31]

In 2005, Cuban invested in Brondell Inc., a San Francisco startup making a high-tech toilet seat called a Swash that works like a bidet but mounts on a standard toilet. "People tend to approach technology the same way," Cuban joked, "whether it's in front of them, or behind them."[32] He also invested in Goowy Media Inc., a San Diego internet software startup.

In April 2006, Sirius Satellite Radio announced that Cuban would host his own weekly radio talk show, Mark Cuban's Radio Maverick.[33] However, the show has not materialized.

In July 2006, Cuban financed Sharesleuth.com,[34] a web site created by former St. Louis Post-Dispatch investigative reporter Christopher Carey to uncover fraud and misinformation in publicly traded companies. Experimenting with a new business model for making online journalism financially viable, Cuban disclosed he would take positions in the shares of companies mentioned in Sharesleuth.com in advance of publication. Business and legal analysts questioned the appropriateness of shorting a stock prior to making public pronouncements which are likely to result in losses in that stock's value. Cuban insisted that the practice is legal in view of full disclosure.[35][36][37]

[edit] Dallas Mavericks

[edit] Ownership

On January 14, 2000, Cuban purchased a majority stake in the NBA Dallas Mavericks basketball team for $285 million from H. Ross Perot, Jr.[38][39]

In the 20 years before Cuban bought the team, the Mavs had a winning percentage of 40%, and playoff record of 21-32. [40] [41] In the six years following, the team has won 69% of their regular season games and have reached the playoffs each season. The Mavs playoff record with Cuban is 39 wins and 40 losses, including their first trip to the NBA Finals in 2006, where they lost to the Miami Heat.[42]

Historically, NBA team owners publicly play more passive roles and watch basketball games from skyboxes; Cuban sits alongside fans while donning team jerseys. Cuban flies his private airplane, a Gulfstream Aerospace Gulfstream V to attend away games. His ownership has been described by the media as the ultimate fan fantasy successfully coming true.[43]

[edit] NBA policy maverick

Cuban's ownership has been the source of extensive media attention and controversy involving league policies.[44]

Cuban has been fined by the NBA, mostly for critical statements about the league and referees, at least $1,665,000 for 13 incidents.[45] In a June 30, 2006 interview, Mavericks player Dirk Nowitzki said about Cuban,[46]

“ He's got to learn how to control himself as well as the players do. We can't lose our temper all the time on the court or off the court, and I think he's got to learn that, too. He's got to improve in that area and not yell at the officials the whole game. I don't think that helps us.... He sits right there by our bench. I think it's a bit much. But we all told him this before. It's nothing new. The game starts, and he's already yelling at them. So he needs to know how to control himself a little. ”

In an interview with the Associated Press, Cuban said that he matches NBA fines with charitable donations of equal amounts.[47] In a nationally publicized incident, he criticized the league's manager of officials, Ed T. Rush, saying that he "wouldn't be able to manage a Dairy Queen." When Dairy Queen management took offense, Cuban worked for a day at a Dairy Queen in Coppell, Texas, where fans lined up in the street to get a Blizzard from the owner of the Mavericks.[48]

During the 2005-06 NBA season, Cuban started a booing campaign when former Maverick player Michael Finley returned to play against the Mavs as a member of the San Antonio Spurs.[49] In a playoff series between the Mavericks and Spurs, Cuban cursed Spurs forward Bruce Bowen[50] and was fined $200,000 by the NBA for rushing onto the court and criticizing NBA officials.[51]. After the 2006 NBA Finals, Cuban was fined $250,000 by the NBA for repeated misconduct following the Mavericks' loss to the Miami Heat in Game Five of the 2006 NBA Finals.

In February 2007, Cuban publicly criticized NBA Finals MVP Dwyane Wade and declared that he would get fined if he made any comments about what he thought really happened in the 2006 NBA Finals.[52] [53]

[edit] Other sports businesses

In 2005, Cuban expressed interest in buying the NHL's Pittsburgh Penguins[54]. In 2006, the Pittsburgh Post-Gazette reported Cuban had joined an investment group with Dan Marino, Kevin Millevoi, Andy Murstein, and Walnut Capital principals Gregg Perelman and Todd Reidbord to acquire the Penguins.[55].

At World Wrestling Entertainment's 2003 Survivor Series, Cuban was involved in a staged altercation with RAW GM Eric Bischoff and RAW Superstar Randy Orton.[56]

Cuban has also expressed interest in owning a Major League Baseball team, such as the Pittsburgh Pirates[57] or the Chicago Cubs[58] It was announced in April 2007 that the Cubs will go on sale once the Chicago Tribune's sale to Sam Zell is finalized, but Cuban refused to speculate on purchasing the club when it was not officially on the market. [59] On July 12, 2007, Cuban sent in an application to MLB to purchase the Chicago Cubs, which along with Wrigley Field and the Cubs Television Contract could go as high as $1 billion. [60] On October 8, 2007, he said he would likely bid on the team, calling it "an opportunity [he] couldn't let slip by" and also reiterated his interest in the team on the Jimmy Kimmel show on November 3, 2007.[61]

In May 2007, a possible new American football league called the UFL being set up by Wall Street businessman Bill Hambrecht was announced, including possible team ownership of a Las Vegas franchise by Cuban. [62] [63]

On September 12, 2007, Cuban said that he was in talks with the Vince, Linda and Stephanie and Shane McMahon of World Wrestling Entertainment in creating a mixed martial arts company that would compete with Ultimate Fighting Championship. [64]

Cuban followed up his intentions by organizing "HDNet Fights" a mixed martial arts promotion which airs exclusively on HDNet and premiered on October 13, 2007 with a card headlined by a fight between Erik Paulson and Jeff Ford as well as fights featuring veterans Drew Fickett and Justin Eilers. [2]

[edit] Popular Culture

Cuban was one of the 12 contestants on the 5th season of the ABC Show Dancing with the Stars [65]. He was partnered with show veteran Kym Johnson[66]. After making the cut for four weeks, they were eliminated on 23 October 2007. They were the fifth couple to go after welterweight boxing champion Floyd Mayweather and professional partner Karina Smirnoff were sent packing the week before.

Cuban was briefly cited in Boston Legal's third season as a rich entrepreneur who would single-handedly fund Homeland Security reform in exchange for the publicity.

[edit] Family and personal interests

In September 2002, Cuban married Tiffany Stewart, an advertising executive, in a private ceremony in Barbados.[67] The couple had their first child in September 2004. In June 2007, Cuban underwent hip replacement surgery. The family lives in the lavish Preston Hollow area of Dallas.

Cuban is an admirer of Objectivist philosophy and author/philosopher Ayn Rand: [68] "The Fountainhead was incredibly motivating to me. It encouraged me to think as an individual, take risks to reach my goals, and responsibility for my successes and failures. I loved it."[69] His political views lean towards libertarianism, [70] however, he holds a position on a centrist Unity08 political organization's advisory council.[71]

[edit] Redacted (2007) Magnolia Pictures

Cuban has financed the movie Redacted through Magnolia Pictures, a docudrama based on the Mahmudiyah killings, the rape, murder, and burning of Abeer Qasim Hamza al-Janabi, a 14-year-old Iraqi girl in March 2006 by U.S. soldiers, who also killed her parents and younger sister. Three of the soldiers involved were convicted, receiving life sentences for the crime with the possibility of parole in 10 years for two and 20 years for the third. The film made no mention of these convictions. [72] The film provoked anger from at least one critic, who believed it would be used as propaganda against U.S. forces in the occupation of Iraq.[73]

In September 2007, Cuban, in his capacity as owner of Magnolia Pictures, "redacted" disturbing photographs from the concluding moments of the film, citing copyrights/permissions issues.[74]

[edit] Fallen Patriot Fund

Cuban started the Fallen Patriot Fund to help families of U.S. military persons killed or injured during the Iraq War, personally matching the first $1 million in contributions with funds from the Mark Cuban Foundation.[75]

[edit] 2008 Presidential Endorsement

On February 8th, 2008, Cuban announced his endorsement for Michael Bloomberg for President in the 2008 presidential election on his blog. [76]

He states in his endorsement "Are you listening Mayor Bloomberg? For less than the cost of opening a tent pole movie, you can change the status quo ."

[edit] Film and television credits

[edit] Acting roles

  • Breaking the F-ing Rules (2007 film) as "Seamus"
  • All In (2006 film) as himself
  • Like Mike 2: Streetball (2006 film) as "Drop Squad Coach"
  • Walker, Texas Ranger (TV Series, 2000) as "Mark Smith"
  • Lost at Sea (1995 film) as "Villain"
  • Talking About Sex (1994 film) as "Macho Mark"

[edit] As himself

[edit] References

  1. ^ a b c d e Pittsburgh Tribune-Review: Cuban hoping to work his magic here someday, October 22, 2006
  2. ^ The Dot-Com Billionaire: Mark Cuban
  3. ^ NBA biography
  4. ^ HDnet Press Release December 16, 2003
  5. ^ Mark Cuban: Web 1.0's Richie Rich needs some respect - Oct. 4, 2007
  6. ^ Tom D'Angelo. "Cuban a unique NBA owner", Palm Beach Post, June 8, 2006. 
  7. ^ John Strubel. Mark Cuban: Pittsburgh's Dream Owner. TheBaseballReport.com.
  8. ^ The Maverick
  9. ^ Indiana University Alumni Association: Indiana Alumni Magazine
  10. ^ Blog Maverick: Success and Motivation, Part 1
  11. ^ a b Blog Maverick: Success and Motivation, You only have to be right once!
  12. ^ VAR Business - Mark Cuban: A Success Story You Can Relate To
  13. ^ BlogMaverick: A little bit of history….Lotus Notes
  14. ^ Losing's not an option for Cuban.
  15. ^ A 'must read' by Maverick owner Mark Cuban
  16. ^ Q&A With Mark Cuban
  17. ^ Gale Group Newsletter Database
  18. ^ Yahoo completes Broadcast.com acquisition
  19. ^ FAST TALK: Your Money
  20. ^ The World's Billionaires - Forbes.com
  21. ^ Guiness World Records
  22. ^ Holdings
  23. ^ Mark Cuban buys Landmark
  24. ^ 2929 Productions at IMDb
  25. ^ Best Stuff and Primedia Launch Best
  26. ^ HDNet, Only All-High Definition National Television Network, Launches on DIRECTV
  27. ^ The Benefactor
  28. ^ Mark Cuban to Finance Grokster's Fight
  29. ^ Mark Cuban to relaunch IceRocket
  30. ^ RedSwoosh latest video file-sharing entrant, to raise $5M+
  31. ^ AOL Acquires Weblogs, Inc.
  32. ^ Clean living
  33. ^ Dallas Mavericks Owner Mark Cuban to Host Talk Show Exclusively On SIRIUS Satellite Radio
  34. ^ Mark Cuban Invests In New Investigative Journalism Site
  35. ^ Cuban's made his agenda crystal clear
  36. ^ And it looked so good
  37. ^ Money is Good
  38. ^ Cuban, unembargoed
  39. ^ NBA press release
  40. ^ Dallas Mavericks 1980-
  41. ^ Sports Network
  42. ^ NBA.com: Finals 2006
  43. ^ All fun and games for Cuban
  44. ^ The NBA's True Maverick
  45. ^ ABCnews: Cuban Slammed with $250,000 Fine
  46. ^ Sefko, Eddie. "Dirk to Cuban: Chill out", The Dallas Morning News, 2006-07-01. Retrieved on 2006-07-04. 
  47. ^ Cuban fined $250,000 for tirade, The Associated Press, June 21, 2006
  48. ^ Mavs owner serves smiles and ice cream
  49. ^ Finley's 'act' turns off Cuban
  50. ^ Spurs' Bowen adds to Dallas' frustration
  51. ^ http://sports.yahoo.com/nba/news?slug=ap-mavericks-cubanfined&prov=ap&type=lgns
  52. ^ "Nowitzki won't comment on Wade's criticism"
  53. ^ I know you are , but what am I... - Blog Maverick
  54. ^ Cuban, Marino to buy Pens?
  55. ^ Anderson, Shelly (June 28, 2006). Cuban, Marino join N.Y. group in bid for the Penguins. Pittsburgh Post-Gazette.
  56. ^ Superstars upset over Mark Cuban segment, SD treated differently, more
  57. ^ Cuban interested if Pirates for sale
  58. ^ Mariotti, Jay (May 30, 2006). Pitiful Cubs could use a maverick owner. Chicago Sun-Times.
  59. ^ Cuban says he won't speculate on Cubs sale. ESPN (April 10, 2007).
  60. ^ "Mark Cuban Applies to Buy Chicago Cubs", AP, July 13, 2007
  61. ^ ESPN - Cuban on possibly buying Cubs: 'Opportunity I couldn't let slip by' - MLB
  62. ^ Report: New football league on the way. NBC Sports (May 30, 2007).
  63. ^ First and Long — Very Long. New York Times (June 3, 2007).
  64. ^ Cuban sees bright future for MMA. ESPN/Sherdog (2007). Retrieved on 2007-09-14.
  65. ^ Dancing With The Stars - Home - ABC.com
  66. ^ Dancing With The Stars - Home - ABC.com
  67. ^ Dime Magazine
  68. ^ Mark Cuban's Crush On Ayn Rand
  69. ^ My First Literary Crush
  70. ^ Mark Cuban - Libertarian
  71. ^ Advisory Council | Unity08
  72. ^ Josh White. "Ex-Soldier Charged in Killing of Iraqi Family", The Washington Post, July 3, 2006, p. A01. Retrieved on November 12, 2007. 
  73. ^ O'Reilly, Bill. "Harming America the Pop Culture Way...", FoxNews, November 6, 2007. Retrieved on November 12, 2007. 
  74. ^ De Palma defends redacted. Retrieved on 2007-12-13.
  75. ^ Fallen Patriot Fund
  76. ^ [1]

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