Mark Cuban (born July 31, 1958) is an American entrepreneur.2 He is the owner of the Dallas Mavericks, an NBA basketball team,3 and Chairman of HDNet, an HDTV cable network.4
Biography
Mark Cuban was born in Pittsburgh, Pennsylvania56 and grew up in the Pittsburgh suburb of Mt. Lebanon, in a Jewish working class family. The family's last name had been shortened from Chabenisky when his grandparents immigrated from Russia to America. Cuban's father Norton was an automobile upholsterer.578 Cuban's first step into the business world occurred at age 12, when he sold garbage bags to pay for a pair of expensive basketball shoes.59 While in school, he held a variety of jobs, including bartender, disco dancing instructor, and party promoter. He paid for college by collecting and selling stamps, and once gained about $1,100 from starting a chain letter.5
Rather than attending high school for his senior year, Cuban enrolled as a full time student at the University of Pittsburgh. After one year at the University of Pittsburgh, he transferred to Indiana University in Bloomington, Indiana and graduated in 1981 with a bachelor's degree in business administration.10
Family and personal interests
In September 2002, Cuban married Tiffany Stewart, an advertising executive, in Barbados,11 with a wedding reception at the American Airlines Center. Their first daughter Alexis Sofia was born on September 25, 2005; their second daughter, Alyssa, was born in 2007. 12 The family lives in the Preston Hollow area of Dallas, in a 24,000-square-foot (2,200 m2) mansion 13 that Cuban bought for $13 million.
Early career
In 1982, Cuban moved to Dallas, Texas. Cuban first found work as a bartender,1415 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, after meeting with a client to procure new business instead of opening the store.
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.16 One of the company's largest clients was Perot Systems.17 In 1990, Cuban sold MicroSolutions to CompuServe—then a subsidiary of H&R Block—for $6 million.18 He retained approximately $2 million after taxes on the deal.19
In 1995, Cuban and fellow Indiana University alumnus Todd Wagner started Audionet, combining their mutual interest in college basketball and webcasting. With a single server and ISDN line20, Audionet became Broadcast.com in 1998. By 1999, Broadcast.com had grown to 330 employees and $13.5 million in revenue for the second quarter.21 In 1999, during the Dot-com boom, Broadcast.com was acquired by Yahoo! for $5.9 billion in Yahoo! stock.22
Billionaire entrepreneur
After the sale, Cuban diversified his wealth to avoid exposure to a market crash.23 As of 2009, Cuban is #296 on Forbes' "World's Richest People" list, with a net worth of $2.3 billion.24 The Guinness Book of Records credits Cuban with the "largest single e-commerce transaction," after paying $40 million for his Gulfstream V jet in October 1999.25
Cuban continues to work with Wagner in another venture, 2929 Entertainment, which provides vertically integrated production and distribution of films and video.26 On September 24, 2003, the firm purchased Landmark Theatres, a chain of 58 arthouse movie theaters.27 The company is also responsible for the updated version of the TV show Star Search, which was broadcast on CBS.28 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 magazine29 announcing the arrival of High Definition Television. Cuban also was co-founder (with Philip Garvin) of HDNet, the first high-definition satellite television network.30
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.31
Cuban financially supported Grokster in the Supreme Court case, MGM v. Grokster.32 He is also a partner in Synergy Sports Technology, a web based basketball scouting and video delivery tool, used by many NBA teams.
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.33 Cuban was also a partner in RedSwoosh34—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.35
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, whether it's in front of them, or behind them," Cuban joked.36 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.37 However, the show has not materialized.
In July 2006, Cuban financed Sharesleuth.com38, 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 that 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.394041
In October 2008, Cuban started Bailoutsleuth.com42 as a grassroots, online portal for oversight over the US government's $700 billion dollar "bailout" of financial institutions.
Dallas Mavericks
Ownership
On January 4, 2000, Cuban purchased a majority stake in the NBA Dallas Mavericks basketball team for $285 million from H. Ross Perot, Jr..4344
In the 20 years before Cuban bought the team, the Mavs had a winning percentage of 40%, and playoff record of 21–32.4546 In the six years following, the team won 69% of their regular season games and reached the playoffs in each of those seasons. The Mavs playoff record with Cuban is 47 wins and 53 losses, including their first trip to the NBA Finals in 2006, where they lost to the Miami Heat.47
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.48
NBA policy controversies
Cuban's ownership has been the source of extensive media attention and controversy involving league policies.49
Cuban has been fined by the NBA, mostly for critical statements about the league and referees, at least $1,665,000 for 13 incidents.50 In a June 30, 2006 interview, Mavericks player Dirk Nowitzki said about Cuban:51
| “ |
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.52 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.53
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.54 In a playoff series between the Mavericks and Spurs, Cuban cursed Spurs forward Bruce Bowen55 and was fined $200,000 by the NBA for rushing onto the court and criticizing NBA officials.56 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.5758
On January 16, 2009, after a reviewing, the league fined Cuban $25,000 for yelling at Denver Nuggets player J. R. Smith at the end of the first half on a Mavericks-at-Nuggets game played on January 13.5960 Cuban was apparently incensed that Smith had thrown an elbow that barely missed Mavericks forward Antoine Wright.61 Cuban offered to match the fine with a donation to a charity of Smith's choosing. Cuban stated that if he doesn't hear from Smith that he will donate the money to the NHL Players' Association Goals and Dreams Fund in the names of Todd Bertuzzi and Steve Moore. In May 2009, Cuban made a reference to the Denver Nuggets being "Thugs" after a loss to the Nuggets in game 3 of the Western Conference Semifinals. The statement was geared towards the Nuggets and their fans. As he passed Kenyon Martin's mother, who was seated near Cuban as he left the arena, he pointed at her and said, "that includes your son". This controversial comment revisited media attention on Cuban yet again. Cuban issued an apology the next day referencing the poor treatment of away fans in arenas around the league. The league issued a statement stating that they would not fine him.62
Other sports businesses
In 2005, Cuban expressed interest in buying the NHL's Pittsburgh Penguins.63 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.64
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.65
Cuban has also expressed interest in owning a Major League Baseball team, such as the Pittsburgh Pirates66 or the Chicago Cubs.67 It was announced in April 2007 that the Cubs would 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.68 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.69 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, 2007.70 In July 2008, he submitted an initial bid of $1.3 Billion to buy the Cubs and was invited to participate in a second round of bidding along with several other potential ownership groups.71 Cuban was not selected to participate in the final bidding process in January 2009.
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.7273 Though Cuban is not an owner in the first season, he has signed an agreement to carry the league's games on HDNet and is mentioned as a potential owner for 2010 or 2011 expansion.
On September 12, 2007, Cuban said that he was in talks with 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.74Cuban is now a Bondholder in Zuffa the UFC's parent company75
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.76
On December 7, 2009, Cuban acted as the guest host of WWE Raw, where he got revenge on Orton, where he was the guest referee in his match against Kofi Kingston when he gave Kingston a fast count. He then announced Orton would face Kingston at TLC: Tables, Ladders & Chairs. At the end of the show, Cuban was slammed through a table by the number-one contender for the WWE Championship, Sheamus.77
Political leanings
Cuban is an admirer of individualism, claiming early inspiration from author/philosopher Ayn Rand's The Fountainhead.78 About Rand's novel The Fountainhead, he said: "[It] 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."79 His political views lean towards libertarianism.80 He held a position on the centrist Unity08 political organization's advisory council.81
Cuban has donated $7,000 to political campaigns, $6,000 going to Republican Senator Orrin Hatch of Utah. $1,000 went to Democratic California Congresswoman Zoe Lofgren. 82
Redacted
Cuban has financed the movie Redacted through Magnolia Pictures, a docudrama based on the Mahmudiyah killings, the March 2006 rape, murder, and burning of 14-year-old Iraqi girl Abeer Qassim Hamza al-Janabi and murder of her parents and younger sister by U.S. soldiers. Two of the soldiers were convicted and three pleaded guilty, receiving sentences up to 110 years.83
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.84
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 which is run by his brother Brian Cuban.85
2008 presidential endorsement
On February 8, 2008, Cuban announced his endorsement for Michael Bloomberg for President in the 2008 presidential election on his blog.86 He stated 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".
Insider trading allegation
On November 17, 2008, it was reported that the U.S. Securities and Exchange Commission (SEC) filed a civil suit against Mark Cuban relating to alleged insider trading in the shares of Mamma.com, now known as Copernic87 A stock dilution occurred shortly after a trade in June 2004, giving hints of inside knowledge at the time of the trade, and Cuban allegedly was saved from a loss of $750,000.88 The SEC claims that Cuban ordered the sale of his holdings in Mamma.com after he had been confidentially approached by the company to participate in a transaction likely to dilute shares of current shareholders. Cuban disputes the charges, saying he had not agreed to keep the information secret.89 On his blog, Cuban contended the facts were false and that the investigation was "a product of gross abuse of prosecutorial discretion." 90
"The Mark Cuban Stimulus Plan"
On February 9, 2009, Cuban announced his own "stimulus plan", involving what he called "an open source exchange of ideas."91 His plan entails individuals posting ideas that fit certain criteria (breaking even within 60 days, profitability within 90 days, no advertising, certain banking controls for Cuban) in the hopes that either Cuban will fund them, or other individuals will take up the ideas thereby stimulating the economy.92
Film and television credits
Acting roles
- WWE Raw (2009 episode) as himself
- 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"
- The Cookout (2004 film) as himself
- Walker, Texas Ranger (TV Series, 2000) as "Mark Smith"
- Lost at Sea (1995 film) as "Villain"
- Talking About Sex (1994 film) as "Macho Mark"
As himself
- Dancing with the Stars - Cuban was one of the 12 contestants on the 5th season of Dancing with the Stars.93 He was partnered with show veteran Kym Johnson.93 After making the cut for four weeks, they were eliminated on October 23, 2007. They were the fifth couple to go after welterweight boxing champion Floyd Mayweather, Jr. and professional partner Karina Smirnoff were sent packing the week before.
- The Simpsons - Cuban voiced himself in the episode "The Burns and the Bees".
References
- ^ [1]
- ^ The Dot-Com Billionaire: Mark Cuban
- ^ NBA biography
- ^ HDnet Press Release. December 16, 2003.
- ^ a b c d Pittsburgh Tribune-Review: Cuban hoping to work his magic here someday. October 22, 2006.
- ^ Mark Cuban: Web 1.0's Richie Rich needs some respect
- ^ Tom D'Angelo (June 8, 2006). "Cuban a unique NBA owner". The Palm Beach Post. http://www.palmbeachpost.com/heat/content/sports/epaper/2006/06/08/w17c_cuban_0608.html.
- ^ John Strubel. "Mark Cuban: Pittsburgh's Dream Owner". TheBaseballReport.com. http://www.johnstrubel.com/publishedwork.asp?ItemID=620.
- ^ The Maverick
- ^ Mark Cuban in Indiana University Alumni Association,Indiana Alumni Magazine
- ^ Marriage to Tiffany Stewart
- ^ Cuban's family
- ^ Cuban family mansion in Dallas
- ^ Blog Maverick: Success and Motivation, Part 1
- ^ Blog Maverick: Success and Motivation, You only have to be right once!
- ^ varbusiness.com: Mark Cuban: A Success Story You Can Relate To
- ^ BlogMaverick: A little bit of history....Lotus Notes
- ^ Losing's not an option for Cuban
- ^ A 'must read' by Maverick owner Mark Cuban
- ^ Q&A With Mark Cuban
- ^ Gale Group Newsletter Database
- ^ Yahoo completes acquisition of Broadcast.com
- ^ What Mark Cuban is doing with his $1 billion
- ^ The World's Billionaires
- ^ Guinness World Records
- ^ Holdings
- ^ Mark Cuban buys Landmark Theatres
- ^ 2929 Productions at IMDb
- ^ Best Stuff and Primedia Launch Best
- ^ HDNet, Only All-High Definition National Television Network, Launches on DIRECTV
- ^ IMDb: The Benefactor
- ^ Mark Cuban to Finance Grokster's Fight
- ^ Mark Cuban to relaunch IceRocket
- ^ RedSwoosh latest video file-sharing entrant, to raise $5M+
- ^ AOL Acquires Weblogs, Inc.
- ^ Clean living
- ^ Dallas Mavericks Owner Mark Cuban to Host Talk Show Exclusively On SIRIUS Satellite Radio
- ^ Mark Cuban Invests In New Investigative Journalism Site
- ^ Cuban's made his agenda crystal clear
- ^ And it looked so good
- ^ Money is Good
- ^ Mark Cuban's online resource for the US government bailout of financial institutions
- ^ Cuban, unembargoed
- ^ NBA press release
- ^ Dallas Mavericks 1980-
- ^ Sports Network
- ^ NBA.com: Finals 2006 Mavs loose to Miami Heat
- ^ All fun and games for Cuban
- ^ The NBA's True Maverick
- ^ ABCnews: Cuban Slammed with $250,000 Fine
- ^ Sefko, Eddie (2006-07-01). "Dirk to Cuban: Chill out". The Dallas Morning News. http://www.dallasnews.com/sharedcontent/dws/spt/basketball/mavs/stories/070106dnspomavslede.c1dd04.html. Retrieved 2006-07-04.
- ^ Cuban fined $250,000 for tirade. The Associated Press. June 21, 2006
- ^ Mavs owner serves smiles and ice cream
- ^ Finley's 'act' turns off Cuban
- ^ Spurs' Bowen adds to Dallas' frustration
- ^ Yahoo! Sports
- ^ "Nowitzki won't comment on Wade's criticism"
- ^ "I know you are, but what am I", blogmaverick.com
- ^ NBA fines Mavs owner Cuban $25,000
- ^ "Cuban fined". att.com. http://my.att.net/s/editorial.dll?pnum=1&bfromind=7408&eeid=6330930&_sitecat=1526&dcatid=0&eetype=article&render=y&ac=1&ck=&ch=sp&rg=blsadstrgt&_lid=332&_lnm=tg+sp+topnews. Retrieved 2009-01-16.
- ^ Cuban may still face punishment for spat
- ^ "Cuban posts donation plans on blog". espn.com. http://sports.espn.go.com/nba/news/story?id=3841384. Retrieved 2009-01-19.
- ^ Cuban, Marino to buy Pens?
- ^ Anderson, Shelly (June 28, 2006). "Cuban, Marino join N.Y. group in bid for the Penguins". Pittsburgh Post-Gazette. http://www.post-gazette.com/pg/06179/701659-61.stm.
- ^ Superstars upset over Mark Cuban segment, SD treated differently, more
- ^ post-gazette.com: Cuban interested if Pirates for sale
- ^ Mariotti, Jay (May 30, 2006). "Pitiful Cubs could use a maverick owner". Chicago Sun-Times. http://www.suntimes.com/output/mariotti/cst-spt-jay30.html.
- ^ "Cuban says he won't speculate on Cubs sale". ESPN. April 10, 2007. http://sports.espn.go.com/mlb/news/story?id=2831686.
- ^ Mark Cuban Applies to Buy Chicago Cubs. Associated Press. July 13, 2007
- ^ ESPN - Cuban on possibly buying Cubs: 'Opportunity I couldn't let slip by'
- ^ Report: Cubs cut number of bids to at least three, including Cuban. ESPN. July 24, 2008.
- ^ "Report: New football league on the way". NBC Sports. May 30, 2007. http://www.nbcsports.com/sports/1569872/detail.html.
- ^ "First and Long — Very Long". New York Times. June 3, 2007. http://www.nytimes.com/2007/06/03/sports/playmagazine/0603playbusiness.html.
- ^ "Cuban sees bright future for MMA". ESPN/Sherdog. 2007. http://sports.espn.go.com/extra/mma/news/story?id=3017701. Retrieved 2007-09-14.
- ^ http://mmapayout.com/2009/07/cuban-now-a-zuffa-bondholder/
- ^ HDNet Fights
- ^ http://us.wwe.com/shows/raw/articles/12159150/upcomingguesthosts
- ^ Mark Cuban's Crush On Ayn Rand
- ^ My First Literary Crush
- ^ Mark Cuban - Libertarian
- ^ unity08.com: Advisory Council
- ^ Cuban's political contributions
- ^ "US ex-soldier guilty of Iraq rape". BBC News. 2009-05-07. http://news.bbc.co.uk/1/hi/world/americas/8039257.stm.
- ^ "De Palma defends redacted". http://gothamist.com/2007/10/11/video_of_the_da_121.php. Retrieved 2007-12-13.
- ^ Fallen Patriot Fund website
- ^ Cuban's political endorsements
- ^ SEC civil suit against Cuban
- ^ Wall Street Journal report on insider trading accusations
- ^ Reuters report on insider trading accusations
- ^ Mark Cuban's personal weblog
- ^ L.A. Times report on Cuban's "stimulus plan"
- ^ CBS TV report on Cuban's "Stimulus Plan"
- ^ a b Dancing With The Stars
External links
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&videoType=YouTube&summary=Joe Buck sits down with team owners Mark Cuban and Jerry Jones. The show originally aired on 9 22 from New York City. For more on Joe Buck Live ...&link=http://www.youtube.com/v/Lm00Mh5XzRY&fs=1&source=uds&autoplay=1&thumb=http://2.gvt0.com/vi/Lm00Mh5XzRY/default.jpg&celebrity=Mark Cuban)
&videoType=YouTube&summary=Watch as Bill Maher and his guest panel answer questions from viewers. Featuring former White House Press Secretary Tony Snow, journalist and ...&link=http://www.youtube.com/v/NgExt788d3c&fs=1&source=uds&autoplay=1&thumb=http://3.gvt0.com/vi/NgExt788d3c/default.jpg&celebrity=Mark Cuban)
