Mark Cuban: The Dallas Mavericks Owner and the Shark
Mark Cuban is a true American business success story. A serial entrepreneur, he is currently the owner of the Dallas Mavericks, Landmark Theaters, and Magnolia Pictures, as well as chairman of high definition cable network AXS TV, and a “shark” investor on hit TV series Shark Tank. A long-time resident of the city, he is a proud Dallasite and Texan.
Dallas has a lot of things going for it, including a high quality of life, very friendly people, great sports teams, an awesome food and nightlife scene, and so much more. Although he is a Pittsburgh native, it stands to reason that Cuban has really enjoyed making Dallas his hometown for many years in the same way that other residents feel great calling the city home.
After graduating from Indiana University in 1982, Cuban moved to Dallas, Texas into a small apartment with five friends. After working as a bartender, then for a bank, he subsequently went on to work for a software company as a salesperson. After bringing in what at the time was for him a big deal, he was fired for disobeying his boss at the time. It was at this point in time that he decided to start his own business. With the backing of his former customer, Cuban founded Micro-Solutions, a system integrator and software reseller. He had his first taste of major business success when he sold Micro-Solutions to CompuServe, which at the time was a subsidiary of H&R Block, for $6 million in 1990. Cuban took home roughly $2 million net of taxes from the sale. Not a bad start! But he was just getting going on his road to business success.
In 1995, Cuban founded AudioNet, which subsequently became Broadcast.com in 1998, alongside his fellow Indiana University alumnus, Todd Wagner. The company quickly scaled, and toward the height of the dot com bubble, Yahoo! acquired Broadcast.com for $5.7 billion in Yahoo! stock. Seeing the writing on the wall, Cuban diversified his exposure to the tech sector in advance of the dot com bubble burst.
He continues to work alongside his partner, Wagner, on 2929 Entertainment, a firm offering vertically-integrated production and distribution of films and video. In 2003, Cuban and Wagner acquired Landmark Theaters, an arthouse movie theater chain that consists of 56 locations and 268 screens in 27 geographic markets, including Dallas and Houston. Landmark Theaters focuses on exhibiting and marketing independent films.
In 2000, Cuban bought a majority stake in the Dallas Mavericks for $285 million. A team that had won only 40% of its games in the 20 years prior to his purchase, the Mavericks have since gone on to win approximately 70% of their regular season games.
Although he has been a visible public figure for some time and is known as having a brash personality, Cuban has become a bigtime celebrity as an investor on Shark Tank. The television series has early-stage entrepreneurs pitch their business ideas for funding from Cuban and other self-made millionaires and billionaires who decide whether they are out or want to make a deal.
Cuban lives with his wife and three kids in the Preston Hollow area in a 24,000-square-foot mansion. He is involved in a variety of philanthropic causes, including support for military veterans, cancer research, disaster relief, education, and patent law reform. Needless to say, Dallas has been good to Cuban and his family, and he has been good to Dallas.
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