His uncles were dominant forces in the theatre business; they founded the Balaban and Katz Theatre circuit in Chicago, a chain which included the Chicago and Uptown Theatres. Balaban's father, Elmer, and uncle, Harry, founded the H & E Balaban Corporation in Chicago, which operated its own movie palaces, including the Esquire Theatre in Chicago. They later owned a powerful group of television stations and cable television franchises. His uncle Barney Balaban was President of Paramount Pictures for nearly 30 years from 1936-64. His maternal grandmother's second husband, Sam Katz, was a vice President at Metro-Goldwyn-Mayer beginning in 1936. Sam had been an early partner of Bob's uncles Abe, Barney, John, and Max in forming Balaban and Katz. Sam served as President of the Publix theatre division of Paramount Pictures.