Cablevision Announces Tracking Stock Distribution Date.

Business Editors

BETHPAGE, N.Y.--(BUSINESS WIRE)--March 6, 2001

Cablevision Systems Corporation (NYSE:CVC) announced that the record date for determining stockholders entitled to receive a pro rata distribution of its Rainbow Media Group (RMG) tracking stock will be March 15, 2001. The Rainbow Media Group tracking stock will be distributed to holders of Cablevision common stock at a ratio of one share of RMG stock for every two shares of CVC stock held. The expected distribution date is March 29, 2001.

Cablevision also anticipates that on March 30, 2001, the existing Cablevision Class A common stock, re-designated as Cablevision NY Group Class A common stock, will continue to trade on the New York Stock Exchange under the symbol "CVC", and the Rainbow Media Group Class A tracking stock will begin trading on the NYSE under the symbol "RMG".

Stockholders who want to be sure to receive Rainbow Media Group tracking stock in the distribution should maintain their ownership of their CVC shares from March 13, 2001 up to and including the March 29, 2001 distribution date.

The Rainbow Media Group tracking stock is designed to enable investors to follow more directly the separate economic performance of certain Rainbow Media Holdings, Inc. programming assets including: American Movie Classics, Bravo, The Independent Film Channel, WE: Women's Entertainment (formerly Romance Classics), MuchMusic USA, and Rainbow's interest in the national service FOX Sports Net and Rainbow's six regional sports channels outside of the New York market. Certain of Rainbow's New York assets including the Madison Square Garden properties, News 12 Networks and MetroChannels will remain as components of the Cablevision NY Group (CVC) common stock.

COMPANY DESCRIPTION

Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies. The Company's cable television operations serve approximately 3 million subscribers located in the New York metropolitan area. Rainbow Media Holdings, Inc., a 74% owned subsidiary of Cablevision, manages entertainment, news and sports programming businesses. Rainbow Media Holdings' assets include ownership interests in American Movie Classics, Bravo, Madison Square Garden, L.P., Radio City Entertainment and FOX Sports Net. The Company also owns and operates THE WIZ consumer electronics stores in 42 locations and operates Clearview Cinemas with 297 motion picture theatre screens in the New York metropolitan area.

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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 most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, the Company's registration statement on Form S-3 and the Company's Proxy Statement dated October 10, 2000, as supplemented, including the sections entitled "Risk Factors" contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.