My husband happens to sell a cholesterol medication, so I know a little more than the average person. I'm not promoting his product, or any medication for that reason, but cholesterol and triglycerides (aka trigs) can be the result of both diet and heredity.
So, chances are, depending on the numbers, he'll be put on both a diet and a medication to help balance the numbers out.
Statins are medications that treat cholesterol. There are several brands (best known are Lipitor, Crestor, Zocor, Pravachol, etc). Some are generic, others are not. A lot of insurance companies require you to try a generic first before going to a brand-name product which may be more effective.
There are also products such as Tricor that address the issue of triglycerides.
Additionally, products such as Zetia (Vytorin is the combination of Zetia + simvistatin aka Zocor). They've received a lot of attention recently because a study came out that said they really don't offer a benefit. I'd certainly have him ask his physician.
My guess is that he'll be put on a low dose statin (because recent studies show a benefit), diet, and perhaps a high grade fish oil such as Lovaza or a medication geared towards trigs.
My trigs have been over 300 since I was in high school despite being relatively in shape - heredity. It can be an indicator of future issues such as diabetes.
But, as Cathy H said, nothing to be too concerned about. Very common. And, having been on the receiving end of the cancer diagnosis personally, I'd much rather learn that I'm part of the 70%+ of Americans with high cholesterol.
I'd recommend looking at information on sites such as WebMD, MayoClinic and the American Heart Association.