Cablevision Announces Structure for New Company As It Prepares for Spin Off.Entertainment Editors/Business Editors BETHPAGE, N.Y.--(BUSINESS WIRE)--April 29, 2004 New Company, to be Named Rainbow Media Enterprises, Inc., Will Have Three Divisions: Rainbow DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. , Rainbow Programming and Rainbow Movies (Clearview Cinemas) Cablevision Systems Corporation (NYSE NYSE See: New York Stock Exchange :CVC See CSC. ) today announced a new structure for the company it plans to spin off later this year comprising Cablevision's satellite, national programming and movie theater businesses. The new company will operate under the name Rainbow Media Enterprises, Inc. Rainbow Media Enterprises, Inc. will have three divisions, and will operate as a financially distinct company within Cablevision until the spin off is complete. The divisions are: -- Rainbow DBS, which includes the VOOM satellite television service; -- Rainbow Programming, which includes the national entertainment services AMC (Advanced Mezzanine Card) See AdvancedTCA. , WE: Women's Entertainment and IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. (The Independent Film Channel) as well as IFC Entertainment and IFC Productions; the 21 VOOM high definition channels; and Mag Rack, sportskool, World Picks and other video-on-demand services; and -- The newly added Rainbow Movies, (the corporate name for the theater group that will continue to do business as Clearview Cinemas). The company plans to file a Form 10 shortly with the Securities and Exchange Commission. The company anticipates completing the spin off after the SEC declares the Form 10 effective and once it has refinanced the existing Rainbow credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . The company has received a favorable ruling from the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. regarding the tax free status of the spin off. Businesses remaining with Cablevision following the spin off will include its cable and telecommunications businesses; Lightpath; Madison Square Garden Current arenas in the National Hockey League Western Conference Eastern Conference and its teams; Radio City Music Hall Radio City Music Hall New York City’s famous cinema; home of the Rockettes. [Am. Hist.: NCE, 2338] See : Theater ; and certain other businesses including: fuse, News 12, Metro Channels and Rainbow's interests in regional sports networks around the country. (A full list of the division of businesses is attached). Cablevision Chairman Charles F. Dolan is expected to serve as chairman of Rainbow Media Enterprises, following the spin off. Thomas C. Dolan, who currently serves as a board member, executive vice president and chief information officer (CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. ) of Cablevision, will serve as Rainbow Media Enterprises' chief executive officer. William J. Bell William Joseph Bell (March 6 1927 – April 29 2005) was the creator and Executive Producer of the extremely successful soap operas The Young and the Restless and The Bold and the Beautiful. , who will continue to serve as vice chairman of Cablevision through the end of the year, will also serve, prior to the spin off, as Rainbow Media Enterprises' chief financial officer, while Rainbow Media Enterprises conducts a search for a permanent CFO See Chief Financial Officer. . Josh Sapan will continue to lead Rainbow's national programming efforts as 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. of Rainbow Programming. Mickey Alpert will continue as COO of Rainbow DBS, and Morten Gotterup will continue as senior vice president and general manager of Clearview Cinemas. Charles Dolan Charles Francis "Chuck" Dolan (born on October 16, 1926 in Cleveland, Ohio) is an American business executive. He was the founder of HBO and is best known as the owner of Cablevision Systems Corporation, a large cable television operator in the New York City area, which also owns , along with Tom Dolan and Josh Sapan, are also expected to become members of the Rainbow Media Enterprises board of directors after the spin off. Charles Dolan said: "We have made significant progress in the implementation of our plan to create two distinct companies for Cablevision shareholders, each with separate funding and management, defined business strategies and clear investment characteristics. We are taking another step forward today as this reorganization begins to put in place the structure essential for the continued growth and development of the Rainbow Media Enterprises businesses. "We also have assembled an outstanding management team to continue building these businesses. Tom, as director and senior executive, has played a key role in Cablevision's success for many years. His proven track record as a manager and executive, together with his strong technical expertise, make him well suited to lead this new business. We are also fortunate that Josh Sapan, one of the industry's leading programmers, will continue to operate Rainbow Programming, and we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. as well that Josh has agreed to join the board of directors of Rainbow Media Enterprises. And, leading up to the spin off, Rainbow Media Enterprises will benefit as well from Bill Bell's leadership and substantial experience with the financial community." Thomas Dolan, 51, has been a director of Cablevision since 1998 and has served as executive vice president of Cablevision since October 2001 and as chief information officer since 1994. In the latter capacity, he oversaw Cablevision's corporate information systems function, which is responsible for maintaining more than 150 existing systems and applications as well as meeting all new systems and applications needs throughout the company. Prior to the post of CIO, Thomas Dolan served as general manager at Cablevision's East End Long Island cable television system. Before joining Cablevision, he spent seven years as a large systems customer engineer with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . Cablevision Systems Corporation is one of the nation's leading entertainment, media and telecommunications companies. In addition to its broadband, cable, satellite, Internet and telephone offerings, the company owns and operates Rainbow Media Holdings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and its networks; Madison Square Garden and its teams; and Clearview Cinemas. In addition, Cablevision operates New York's famed Radio City Music Hall. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com. This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the company's filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update the forward-looking statements contained herein.
ALLOCATION OF OPERATING ENTITIES
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RAINBOW MEDIA ENTERPRISES, INC.
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Rainbow DBS
-- VOOM satellite service
Rainbow Programming
-- Rainbow National Programming
-- "VOOM 21" HD Channels
-- AMC: American Movie Classics
-- AMC Affiliated Companies
-- WE: Women's Entertainment
-- IFC: Independent Film Channel
-- IFC Affiliated Companies
-- Mag Rack
-- Sportskool
-- World Picks
-- Rainbow Network Communications
-- Rainbow Advertising Sales Corporation
-- National
Rainbow Movies
-- Clearview Cinemas Group
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CABLEVISION SYSTEMS CORP.
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Consumer Services
-- Cable & Communications
-- Video
-- Consumer Modem
-- Consumer Telephone
Business Services
-- Lightpath
Programming & Entertainment
-- Regional Programming Partners
-- Madison Square Garden
-- Radio City Entertainment
-- Regional Sports Networks
-- Fox Sports Net Ohio
-- Fox Sports Net Florida
-- Fox Sports Net Bay Area
-- Fox Sports Net Chicago
-- Fox Sports Net New England
-- Metro Channels
-- fuse
-- News 12 Networks
-- Fox Sports Net
-- Ziegfeld Theater
National Advertising Partners
Rainbow Advertising Sales Corporation
-- Local / Interconnect
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