Daniel Snyder, with a current estimated net worth of $2.6 billion, is an entrepreneurial businessman who got his start in the business world at a young age. Snyder’s first attempt at launching a business was selling bus-trip packages to sports fans, but it ended up being a flop. A few years later, Snyder, who had studied marketing at University of Maryland, College Park, dropped out at just 20 years old and took on another business venture. Snyder and a friend saw their first glimpse of success earning over $1 million, working from his parents’ home, leasing jets to college spring-breakers in Florida and the Caribbean.
Finding success in the college market, Snyder befriended Mortimer Zuckerman, a real estate entrepreneur, along with Fred Drasner, co-publisher of Zuckerman’s New York Daily News; both agreed to invest in Snyder’s idea to publish Campus USA, a magazine for college students. Campus USA closed after three years when it could not generate enough money through advertising.
Shortly thereafter, in 1988, at the age of only 25, Snyder launched his very successful advertising company with his sister, Michelle. Mortimer Zuckerman and Fred Drasner, among others, saw great potential in Snyder’s big idea and invested in his advertising company, Snyder Communications. Snyder realized that the trend of mass marketing was fading and, instead, thought that marketing for targeted audiences would be the new wave in advertising. Snyder Communications marketed products for Fortune 500 companies.
Snyder grew his business quickly and increased its value dramatically. He took the company public in 1996. During that time, at the age of 32, Snyder became the youngest ever CEO of New York Stock Exchange listed company. According the Washing Post, “At its peak in 1998, revenue had grown tenfold to more than $800 million” and had become “the largest direct-marketing company in the world”. By 2000, a London-based company had propositioned Snyder to purchase Snyder Communications. Intrigued, Snyder hired an investment firm to solicit other offers. Havas, a French marketing company, ultimately bought Snyder’s company in an all-stock transaction valued at just over $2 billion. This was the largest transaction in the marketing and advertising industry at the time. Snyder was looking forward to giving more attention to a new endeavor: football.
Prior to the sale of his company, Snyder went through a lengthy process of purchasing an NFL franchise, the Washington Redskins for almost $800 million. The franchise is now worth approximately $3.4 billion.
In 2006, Dan Snyder and Dwight Schar founded Red Zebra Broadcasting, LLC. The broadcasting company originally operated four sports-talk radio stations in Maryland, Virginia, and Washington, D.C.. Their content was focused on the Washington Redskins franchise including live play-by-play coverage of the games. In addition to football and radio stations, Snyder also made a deal to help finance Tom Cruise and Paula Wagner’s production company.
Snyder continues to take part in other business ventures as an investor and an advisor.
Snyder has and continues to share his wealth with his community. Snyder donated $1 million to help September 11th attack victims, another $600,000 to assist after Hurricane Katrina, and helped to ship the charitable food donations after the tsunami in Indonesia and Thailand. After Hurricane Matthew in 2016, he helped to supply the Bahamas with emergency supplies and medical supplies. In 2000, Snyder founded the Washington Redskins Charitable Foundation (WRCF) to help make positive impacts on the youth of the Washington, D.C. area. In 2015 the WRCF held approximately 90 events to assist children and families with things like improving literacy rates and providing Thanksgiving meals.
Additionally, Snyder provided financial support to Washington’s Children’s Hospital creating the Snyder Family Emergency Medicine and Trauma Center at the hospital. He is also a member of the Board of Directions of the Children’s Hospital Snyder also supports the National Center for Missing and Exploited Children (NCMEC) where he funded the Communication Center. Daniel Snyder and his wife were honored with an award at the MCMEC annual Hope Awards Dinner.
In 2014, Snyder created the Washington Redskins Original Americans Foundation. This foundation was created to help Native Americans overcome everyday challenges by providing opportunities and resources to the Tribal communities.
Snyder received several other accolades for his philanthropy in the community. In 2010, Snyder was honored by a neighborhood organization for helping at-risk youth. In 2012, he received the Youth For Tomorrow Distinguished Leader Award for providing care of more than 900 at-risk or homeless youth in the Virginia/DC area.
Read more recent news here: https://dcist.com/story/20/08/05/washington-football-team-name-finances-dan-snyder/