David McCourt is an Irish-American entrepreneur with experience within the telecom and cable television industries. He grew up in Watertown, Massachusetts, and is a graduate of Georgetown University. McCourt was an early contributor to the development of transatlantic fiber networks and has gone on to found or buy 20 companies in nine countries. McCourt has completed capital raising and merger transactions valued in excess of $7 billion. McCourt's net worth is estimated at $750 million. The Economist described him as having "impeccable credentials as a telecom revolutionary".
Career
In 1982, McCourt founded his first company, McCourt Cable Systems, operating as a designer and builder of cable wires. The company grew to be the largest privately owned designer and builder of cable systems in the US. In 1985, McCourt purchased the first independent TV station within the Caribbean Island of Grenada, Discovery TV. In 1987, McCourt founded the first competitive phone company in the US, Corporate Communications Network. This was merged with Metropolitan Fibre Systems (MFS) before being sold for $14.3bn. McCourt’s next venture collaborated with engineering and construction firm Peter Kiewit Sons, Inc. From this partnership emerged McCourt/Kiewit International, based in London, which became the largest designer and builder of residential cable television and telephone networks in Europe.
McCourt was responsible for bringing the first competitive telephone and TV landscape to Mexico. McCourt also brought traditional waiting times for land line phones down from one year to less than thirty days and at a fraction of the cost compared to incumbent suppliers.
In 1993, he acquired control of C-TEC Corporation, a diversified telecommunications company that was recapitalised and split into four publicly traded entities: RCN Corporation; Cable Michigan, Inc.; Mercom, Inc.; and Commonwealth Telephone Enterprises, Inc. The annualized returns of these companies would reach three times the returns of the S&P 500 over the same time period. Following a 1995 rights offering which raised $100 million, Mercom, Inc., a cable provider with systems in Michigan and Florida, was sold to Avalon Cable of Michigan.
McCourt later turned his attention to TV and film, taking production roles. In 2005, McCourt won an Emmy for the series Reading Rainbow, a long running children's show that encourages reading. And McCourt produced Miracle's Boys with Spike Lee on Nickelodeon's new teenage network. He also served as Executive Producer on the ten-part documentary series “What's Going On?†which documented the impact of global conflict on children around the world.
In 2013, in his role as Chairman and CEO of investment firm Granahan McCourt, McCourt led a consortium of companies including Oak Hill Advisers and the family of Walter Scott Jr. in acquiring Irish fiber company, enet. Its network is used by 70 different telcos to serve broadband to over a million people across Ireland. In 2014, McCourt acquired another Irish telecoms operator, Airspeed Telecom, for an undisclosed sum. McCourt and his associates have invested over €100m into Irish operations.
In July 2016, it was announced that a consortium bid headed by Granahan McCourt and enet was successfully shortlisted by the Irish Government in its ongoing tender process to develop Ireland’s €1bn National Broadband Plan. The consortium includes Granahan McCourt Capital, the John Laing Group and 3i Plc.
In 2016, McCourt announced the first Public Private Partnership (PPP) in the Kingdom of Saudi Arabia following the Vision 2030 reform plans outlined by deputy crown prince Mohammed bin Salman, seeking to open up opportunities for foreign investment. The partnership saw the creation of a new joint venture between McCourt’s satellite firm Skyware Technologies and Saudi Arabia based space and technology organizations, TAQNIA and KASCT.
In June 2016, McCourt launched ALTV.com, a digital TV platform designed to meet the needs of technologically underserved people around the world. ALTV.com gives training and workshops in writing, filming, lighting, editing and wardrobe. ALTV launched with headquarters in Dublin, with initial plans for rollout across the Middle East and North Africa.
McCourt's investments also include a phone app called Findyr, a crowd sourcing technology being used for market research, due diligence and tracking economic trends.
Awards and honors
- McCourt won an Emmy for the children's series Reading Rainbow
- US President Ronald Reagan presented McCourt with the first award from the White House recognising extraordinary accomplishments by private sector businesses.
- McCourt became the first ‘Economist in Residence’ at the University of Southern California (USC) Annenberg School for Communication and Journalism.
- McCourt was selected as "Entrepreneur of the Year" by Ernst & Young LLP in 1999.
- McCourt was named "Top Entrepreneur" by the Harvard Business School Club of New York.
- The American-Irish Historical Society presented McCourt with its gold medal in 2004.
- He received the 2014 Award for Outstanding Alumni Entrepreneur
- In 2016 McCourt was named the inaugural Executive in Residence for Entrepreneurial Economics and Innovation by Georgetown University.
Personal life
McCourt resides with his wife and children outside of New York City, and he spends a considerable amount of time in Europe and the Middle East.
References
