Cablevision's Radio City Entertainment and Ted Forstmann Acquire Rights to Broadway's "The Scarlet Pimpernel".

NEW YORK--(BUSINESS WIRE)--July 23, 1998--

Producer of "A Christmas Carol" and "The Wizard of Oz" Expands

Broadway Presence In Joint Venture With Well-Known Entrepreneur

Cablevision's Radio City Entertainment today announced that it is entering a joint agreement with entrepreneur Ted Forstmann to acquire the Broadway show, "The Scarlet Pimpernel." Terms of the agreement were not disclosed.

Radio City Entertainment is a newly formed division of Cablevision that is responsible for producing, presenting and promoting live entertainment events for Cablevision's three popular venues -- Madison Square Garden, Radio City Music Hall and the Theater at Madison Square Garden. In addition, Radio City Entertainment will develop events and attractions that will appear nationally and internationally.

"This venture enhances Cablevision's commitment to develop and expand the very best in live and televised entertainment for audiences throughout the New York Metro area," said Marc Lustgarten, chairman of the board of directors of Madison Square Garden and vice chairman and director of Cablevision. "We will utilize synergies between our live venues -- Madison Square Garden and Radio City Music Hall -- our regional and national programming channels including the new MSG Metro channels, American Movie Classics and Bravo and our state-of-the-art cable distribution system throughout the New York metro area."

Mr. Lustgarten noted that the synergies include the potential of offering Cablevision's 2.6 million metro area cable customers bundled discounts for entertainment and live events as well as opportunities to purchase tickets and programming services through Cablevision's retail electronics chain Nobody Beats the Wiz.

"The Scarlet Pimpernel," a 1998 Tony Award Nominee for Best Musical, with book and lyrics by Nan Knighton (Tony Nominee / Best Book) and music by Frank Wildhorn ("Jekyll & Hyde," "The Civil War") is a classic story of romance and intrigue, and is based on the popular novels by Baroness Orczy. The show, which will continue its run at the Minskoff Theater, opened on Broadway on November 9, 1997 and features a 36 member cast, led by 1998 Tony Award Nominee Douglas Sills in a star-making Broadway debut in the title role.

The Radio City Entertainment division, managed by Madison Square Garden, currently produces the well-regarded theatricals "A Christmas Carol" and "The Wizard of Oz," the world-renowned "Radio City Christmas Spectacular," and serves as a co-producer (with Broadway's Dodger Endemol Theatrical Productions) for the upcoming Broadway musical "Footloose."

"This is a great opportunity for Cablevision's Radio City Entertainment to expand its presence on Broadway," said David Checketts, President and CEO of Madison Square Garden. "Considering what we've been able to accomplish on stage with `A Christmas Carol,` The Wizard of Oz,' `The Christmas Spectacular,' and the upcoming musical `Footloose,' we're confident that we can enhance this Tony-nominated show. We will have the opportunity to promote and market the show using all of Cablevision's well-known and established brands."

"I am very pleased to be in partnership with Cablevision because I believe their marketing capabilities and creative talents will complement my business and financial skills to make the most of this unique property," said Forstmann. "I have seen the show many times, and I love it. I believe this great show can become a huge hit, and we have some very exciting plans for the future."

Forstmann is co-founder and senior partner of Forstmann Little & Co., an investment firm with an unparalleled 20-year record of investment performance. He is well known for creating huge improvements in businesses such as Dr. Pepper and Gulfstream Aerospace, where he led a spectacular turnaround resulting in billions of dollars in profits for his investors. He also has a long history of promoting economic and educational opportunity. Most recently, he contributed $50 million to launch the Children's Scholarship Fund, a national foundation providing scholarships to inner-city kids to attend private schools.

"I'm so pleased to see the continuation of `The Scarlet Pimpernel' on Broadway," said Pierre Cossette, speaking on behalf of "Pimpernel's" original producers. "The strength and expertise of the show's new producers should guarantee that this great show will continue to thrill audiences for years to come. We are all very pleased with this new relationship."

Tim Hawkins, senior vice president and executive producer will spearhead the project for Radio City Entertainment. Hawkins also serves as producer of Radio City Entertainment's theatrical productions, "A Christmas Carol" and "The Wizard of Oz" and is responsible for its role in "Footloose." "A Christmas Carol" returns to The Theater at MSG in November. "The Wizard of Oz," a stage version of the 1939 classic film is currently on a multi-city North American tour.

Based on the popular novels by Baroness Orczy, "The Scarlet Pimpernel" is a classic story of romance and swashbuckling adventure. The beautifully lush score takes us from the guillotines of Paris to the Royal Palace of London as the elusive Pimpernel rescues innocent victims from the clutches of the Reign of Terror and crusades for justice during the tumultuous French Revolution. Literature's original super-hero, The Scarlet Pimpernel must maintain his hidden identity, even to his love, the worldly Marguerite, who has some secrets of her own.

Cablevision Systems Corporation (ASE:CVC) owns a majority interest in Madison Square Garden, L.P., which manages Radio City Entertainment and also includes the New York Knicks (NBA), the New York Rangers (NHL), the New York Liberty (WNBA), the New York CityHawks (Arena Football), the MSG Network, Fox Sports New York and the Madison Square Garden arena complex, located in the heart of the New York metropolitan area. Cablevision is one of the nation's leading telecommunications and entertainment companies and one of the largest operators of cable television systems in the United States serving more than 3.4 million cable customers. Its subsidiary, Rainbow Media Holdings, Inc. manages entertainment, news and sports programming.

   CONTACT: RADIO CITY ENTERTAINMENT
             Barry Watkins, [phone]
             Dan Schoenberg, [phone]
               or
             TED FORSTMANN
             George Sard, Anna Cordasco
             Sard Verbinnen & Co.
             [phone]
               or
             "THE SCARLET PIMPERNEL"
             Adrian Bryan-Brown
             Boneau Bryan-Brown
             [phone]
               or
             CABLEVISION SYSTEMS CORPORATION
             Susan Pelcher, (516)-393-1961