LEWIS KATZ
One of Dickinson Law’s most esteemed alumni is businessman, Lewis Katz. Many Dickinson Law students have likely seen his name on the side entrance and portrait in the lobby of the school. For students with a keen eye, you may have even seen one generous donation of $15 million. Before his generosity, Lewis Katz was a billionaire entrepreneur.
EARLY DAYS
Katz grew up in Camden, New Jersey. He was raised under difficult financial circumstances when Katz’ father died when he was young. Katz attended Temple University for his undergraduate studies and, later, Dickinson Law. At Dickinson, Katz graduated first in his class in 1966 and obtained the highest grade in eight of his classes. This tract record would make it seem Katz would be a superstar lawyer for decades to come, right?
LAW, PARKING & BILLBOARDS
Upon graduation, Katz went on to found his law firm Katz, Ettin, & Levine where he later served as counsel. However, this may have been just a stepping stone. He would go on to make his fortune in parking lots and billboard advertisements. Katz initially invested in Kinney Parking Systems, which was one of the largest parking companies in the United States. He served Kinney in various roles including owner and CEO. Katz also served as chairman at Interstate Outdoor Advertising, a major billboard company throughout the United States. Throughout this time, Katz acquired numerous real estate holdings. Despite this success, like many entrepreneurs, Katz did not slow down here!
SPORTS: NETS, DEVILS, YANKEES, YES?
In 1998, Katz was a part of an investor group including his friend Ray Chambers that purchased the New Jersey Nets for $150 million. In 1999, the same investor group also signed an agreement with Yankees owner, George Steinbrenner to form YankeeNets, which owned the two teams collectively. Katz and Chambers went on to establish Puck Holdings as an affiliate of YankeeNets. Puck Holdings purchased the New Jersey Devils for $175 million in an effort to increase leverage in negotiating sports broadcasting contracts. As a result, the YES sports network was created in 2002. Due to various conflicts Katz & Chambers had with Steinbrenner regarding team operations and business management, Katz exited ownership of the teams and YES Network between 2003 & 2004. During Katz’ ownership of the Nets, they were two-time Eastern Conference Champions. As of 2019, Yes Network is valued at 3.5 billion, and as of 2023, the Nets & Devils are collectively valued at a combined $5.3 billion.
FINAL MEDIA ACTIVITIES
Before passing away in a tragic plane crash in 2014, Lewis Katz was acquiring media companies for a casual $88 million. Within the week preceding his death, Katz, and his friend Gerry Lenfest, had acquired full possession of Philadelphia Media Network. This network includes: the Philadelphia Inquirer, the Philadelphia Daily News, and Philly.com. Katz was a strong supporter of journalism and wanted to return the Philadelphia media to what he perceived as their glory days of the 1980s. Throughout his life, Katz also had various other investments and ownership interests. When Katz graduated from Dickinson, who would have imagined he would be this successful? Professor Prince’s Operational Issues class had not even been created yet!
PHILANTHROPY & GENEROSITY
As the former director of the Katz Foundation, Lewis Katz supported a wide range of causes aimed at helping others. Katz valued the southern New Jersey and Philadelphia area that he spent a vast portion of his life in. As an investor in these communities, he provided funding to various projects, and donated to nonprofits, including the Boys and Girls Club. Katz was also a strong believer in education. He donated millions to both his alma maters, Temple University and Penn State Dickinson Law. His generosity helped keep Dickinson Law’s campus in Carlisle, Pennsylvania, and fund Temple’s Medical School. With his Jewish background, Katz also made generous gifts to congregations and other Jewish organizations in the Philadelphia area.
LEGACY
As an entrepreneur, it may seem that the focus is always growth, money, and profits. Lewis Katz certainly experienced what it was like at the top echelons of society. Nevertheless, he always made it a priority to touch as many people as he could. His companies, teams, and foundations have touched the lives of millions. The legacy he created should be every entrepreneur’s ultimate goal. His longtime friend and Dickinson Law alum Corky Goldstein characterized Katz’s passing as a lost to the world stating Katz as:
“…Someone (Katz) who used his money for great causes, which will live on for generations. His legacy is well in tact, not only as a philanthropist, but as a human being.”
Blog Sources:
https://www.nytimes.com/2014/06/02/business/media/lewis-katz-co-owner-of-philadelphia-inquirer-dies-at-72.html
https://www.pennlive.com/midstate/2014/06/lewis_katz_kept_dickinson_law.html
https://www.wikiwand.com/en/Lewis_Katz
https://www.inquirer.com/philly/news/lewis-katz-of-south-jersey-left-a-permanent-mark-on-business-media-and-medicine-20171102.html
https://pennstatelaw.psu.edu/photo/67476/class-1966
https://patch.com/new-jersey/cherryhill/lewis-katzs-vision-transforming-sports-media-cherry-hill-attorney-dies-in-crash
https://www.cbsnews.com/news/clues-scant-in-plane-crash-that-killed-lewis-katz-philadelphia-inquirer-co-owner/
https://en.wikipedia.org/wiki/Yankee_Global_Enterpriseshttps://www.nytimes.com/1998/10/29/sports/basketball-notebook-nets-league-approves-sale-of-franchise.html
https://nypost.com/2003/06/23/a-split-decision-yankeenets-group-on-the-brink-of-breakup/
https://www.forbes.com/teams/brooklyn-nets/?sh=686630b1f57e
https://www.forbes.com/teams/new-jersey-devils/?sh=6e569d465b37
Image Sources:
https://www.nytimes.com/2014/06/03/business/media/reflections-on-lewis-katz-a-believer-in-journalism.html
https://uncoveringpa.com/wp-content/uploads/2022/11/Dickinson-Law-School-in-Carlisle-7F0A3277.jpg
https://news.temple.edu/sites/news/files/styles/news_node_main_image/public/lewis_katz_2014commencement_medium.jpg?itok=xiWlqg26
https://uncoveringpa.com/wp-content/uploads/2022/11/Dickinson-Law-School-in-Carlisle-7F0A3277.jpg
