CREF Proposal Rejected by Cablevision Stockholders; Measure Defeated 90.6% to 3.6%.Business Editors BETHPAGE, N.Y.--(BUSINESS WIRE)--June 6, 2000 At the company's annual meeting today, Cablevision Systems Corporation (NYSE NYSE See: New York Stock Exchange :CVC See CSC. ) stockholders overwhelmingly rejected a proposal presented by the College Retirement Equities Fund (CREF CREF College Retirement Equities Fund CREF Cross Reference CREF Connection Refused CREF Computer Ready Electronic Files CREF Capital Region Energy Forum CREF Computer Resources Evaluation Facility CREF Centre de Recherche en Ecologie et Forestrie ) which related to the makeup of the company's board of directors and certain related corporate governance issues. Approximately 90.6% of the total Class A and Class B common stock vote was against the proposal while approximately 3.6% of the vote supported the measure. Approximately 5.8% of the vote abstained or otherwise did not vote. "Cablevision is pleased that our stockholders support the constituency of our board of directors," stated James L. Dolan, Cablevision president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We strongly believe that the composition of the company's board of directors has served stockholders exceedingly well as evidenced by Cablevision's position as one of the nation's leading media, telecommunications and entertainment companies." The results of the vote on the proposal were: - Class A stockholders: Opposed to the proposal: approximately 59% In favor: approximately 15% Abstained/non voting: approximately 25% - Class B stockholders: Opposed to the proposal: 100% In favor: 0% Abstained/non voting: 0% Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve more than 3.4 million subscribers located primarily in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The company's advanced telecommunications offerings include its Lightpath integrated business communications services and its Optimum-branded high-speed Internet service. Cablevision's Rainbow Media Holdings, Inc. subsidiary operates entertainment businesses, including Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference and its sports teams, American Movie Classics, Bravo, FOX Sports Net, Radio City Entertainment and Radio City Music Hall Radio City Music Hall New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338] See : Theater . The Company also owns and operates THE WIZ consumer electronics stores and Clearview Cinemas in the New York metropolitan area. Information about Cablevision Systems Corporation, as well as background on its executives and other materials, can be accessed on the Web at www.cablevision.com. |
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