Terry Semel has been identified as one of several investors with an interest in buying the Nets from Bruce Ratner. Here is a profile of him, drawn from public sources.
Who is Terry Semel?
Terry Semel was born in Brooklyn in 1943. His father was a women's coat designer and his mother was a bus company executive. He was raised in Bay Terrace, a community in Bayside, Queens, attending local schools. He was the middle child and has two sisters. At the age of 23, he graduated from Long Island University in Brooklyn with a B.S. degree in accounting. Semel earned a master's degree in business administration (MBA) in 1967 from City College and went west, first to Hollywood, then Silicon Valley. He has worked mainly in the entertainment industry, most recently as chairman and CEO of Yahoo! Incorporated. Previously, Semel had spent 24 years at Warner Bros., where he served as chairman and co-chief executive officer. In June 2007, Semel resigned as CEO of Yahoo! due in part to pressure from shareholders' dissatisfaction over Yahoo’s performance his compensation package.
What is the source of his wealth?
Semel made hundreds of millions while at Yahoo!, mostly in stock options. In April 2001, Semel was granted stock options worth $110 million as a bonus to join Yahoo! On March 10, 2004 he was granted options to purchase Yahoo stock worth $120 million at an exercise price of $41.70. Within a month that stock was trading at $56.00, making him a profit of $50 million on that grant alone. Between 2003 and 2006 he netted $450 million as a result of exercising options and selling stock. On March 7, 2007 he held stock and unexercised options with a value of $350 million, which he was granted as compensation. Over the past three years Semel sold 18.1 million of his stock options for a gain of $450 million. He maintains another 18.6 million unexercised stock options.
Is he active in philanthropy?
In June 2004, Semel and his wife made a donation of $25 million to the UCLA Neuropsychiatric Institute. As such, the name of the Institute was renamed to the "Jane and Terry Semel Institute of Neuroscience and Human Behavior at UCLA."[1] In 2005, Semel was given the UCLA Medal, that University's highest honor, and the "Legend in Leadership Award" from the Chief Executive Leadership Institute of the Yale School of Management. He is also on the Board of Trustees for Emerson College, the Paley Center for Media and the Guggenheim Museum and the Los Angeles County Museum of Art, of which he is chairman
What are his Nets connections?
None known.
How does he know Ratner?
Unknown other than the Brooklyn connection.
What are his NBA connections?
Seen at Laker games.
Does he support the move to Brooklyn?
As a native of Brooklyn, Semel supports moving the team to the borough.