Cablevision Announces Rebate for MSG Network Customers; Monthly Rate Reductions and Retroactive Payments to Offset Loss of Yankees Games.Business Editors BETHPAGE, N.Y.--(BUSINESS WIRE)--April 23, 2002 Cablevision Systems Corporation (NYSE NYSE See: New York Stock Exchange :CVC See CSC. ) today announced a plan to issue rebates to MSG Network subscribers on Cablevision's systems to compensate for the loss of Yankees games previously included in their cable package. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis these payments are expected to total $17.4 million. Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference will be refunding Cablevision to compensate for the loss of Yankees games which are no longer being carried on MSG Network. The rebates are retroactive to January 2002 and will be credited to each customer's monthly statement. Customers will be notified of their specific rebates individually. "All the money to be refunded to Cablevision from MSG Network will be passed along to our customers in the form of these rebates," said Tom Rutledge, Cablevision president, 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. (NYMA). All Cablevision customers who subscribe to MSG Network will receive a monthly credit of at least $0.55. In total, Cablevision will be refunding more than $1.4 million to its MSG Network subscribers each month. Cablevision Systems Corporation is one of the nation's leading entertainment, media and telecommunications companies. In addition to its broadband, cable, Internet and telephone offerings, the company owns and operates Rainbow Media Holdings, Inc. and its networks; Madison Square Garden and its teams; Clearview Cinemas and THE WIZ. In addition, Cablevision operates New York's famed Radio City Music Hall Radio City Music Hall New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338] See : Theater . Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com. |
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