John Kluge, a German-American entrepreneur and media mogul, amassed an impressive net worth of $6.5 billion by the time of his death in 2010. Known as the founder and chairman of Metromedia, Kluge built an empire in the media and restaurant industries, leaving an impactful legacy in business and philanthropy.
John Kluge’s Net Worth
Early Investments in Broadcasting
Kluge’s involvement in broadcasting began in the mid-1950s when he acquired stock in the Metropolitan Broadcasting Corporation, which succeeded the DuMont Television Network. By 1958, he was the chairman and largest stockholder.
Early Life and Education
Birth and Family Background
- Born: September 21, 1914
- Birthplace: Chemnitz, Germany
- Family: Presbyterian upbringing
Immigration and Education
In 1922, Kluge moved to the United States. He began his higher education at Wayne State University before transferring to Columbia University, where he graduated in 1937 with a Bachelor of Arts in Economics. His education at Columbia later significantly shaped his business acumen.
Key Milestones and Acquisitions
| Year | Acquisition/Action | Details |
|---|---|---|
| 1958 | Became Chairman | Acquired majority shares for around $6 million from Allen B. DuMont |
| 1961 | Rebranded | Renamed the company Metromedia |
| 1960s | Expansion | Purchased TV and radio stations in several states |
| 1982 | Major Purchase | Acquired WCVB-TV in Boston for $220 million |
Metromedia’s portfolio included television and radio stations in cities like Cleveland, Philadelphia, Los Angeles, and others. The company also expanded into live entertainment by acquiring the Ice Capades and the Harlem Globetrotters.
Metromedia’s Record Label and Production
- Metromedia Records: Launched to produce and distribute music
- Metromedia Producers Corporation: Created for television production and syndication
Sale to News Corporation
In 1986, Kluge sold Metromedia’s television assets to Rupert Murdoch’s News Corporation and 20th Century Fox for approximately $4 billion. This sale established the core of the Fox Broadcasting Company, elevating Kluge to the position of the richest man in America in 1987.
Expansion into International Media and Restaurants
After selling the broadcasting stations, Kluge continued his ventures through the Metromedia Company, co-founded with media partner Stuart Subotnick. Through this enterprise, Kluge expanded internationally in
- Television and Radio Networks: Ventures in Eastern Europe, China, and the Commonwealth of Independent States
- Metromedia Restaurant Group: Included chains like Steak and Ale, Bennigan’s, and Ponderosa, operating and franchising over 800 restaurants
Philanthropy
John Kluge was known for his significant contributions to education and culture, donating over $510 million to various institutions.
Major Contributions
| Institution | Donation Details | Purpose |
|---|---|---|
| Columbia University | $510 million total, including $400 million posthumously | Financial aid for undergraduates from disadvantaged backgrounds |
| University of Virginia | Estate valued at $45 million, Indigenous Australian art collection | Academic and cultural enrichment |
| Library of Congress | $60 million | Established the John W. Kluge Center |
Columbia University
Kluge’s substantial donations to Columbia, his alma mater, focused on scholarships for students from underserved backgrounds. His posthumous gift of $400 million marked the largest financial aid pledge to a U.S. educational institution.
University of Virginia and Library of Congress
Beyond Columbia, Kluge donated his Virginia estate, Morven Farm, and a valuable art collection to the University of Virginia. He also funded the John W. Kluge Center at the Library of Congress, which supports scholars and hosts the Kluge Prize.
Personal Life and Family
Four marriages marked Kluge’s personal life:
- Theodora Townsend
- Yolanda Zucco
- Patricia Rose
- Maria Kuttner
Kluge had six children, including biological, adopted, and stepchildren. He lived in New York, Virginia, and Florida.
Death and Legacy
John Kluge passed away on September 7, 2010, in Charlottesville, Virginia, just two weeks before his 96th birthday. His wealth and entrepreneurial impact, particularly through Metromedia and his philanthropic efforts, have left an enduring mark on the business world and the institutions he supported.
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