Cablevision NY Group and Rainbow Media Group 2002 Outlook.

Business Editors

BETHPAGE, NY--(BUSINESS WIRE)--January 28, 2002

Cablevision Systems Corporation today released 2002 guidance for its Cablevision NY Group (NYSE:CVC) and Rainbow Media Group (NYSE:RMG) businesses.

The 2002 revenue and adjusted operating cash flow forecasts are presented on a pro forma basis to exclude the deferred revenue amortization related to Cablevision's At Home warrants. Adjusted operating cash flow ("AOCF") is defined as operating profit before depreciation and amortization and excludes charges related to the restructuring that was announced in the fourth quarter of 2001, and the effects of stock plan income or expense.

Cablevision NY Group - 2002 Outlook

For financial reporting purposes in the fourth quarter of 2001 and in 2002, Total Telecommunications will be comprised of two groups - Consumer Services and Business Services. The Consumer Services group will include: analog video, digital video, high-speed data (HSD), residential telephony, and R&D/technology. The Business Services group will include Lightpath Long Island, Lightpath developing and business modem services.

The company estimates Total Telecommunications will achieve revenue growth of approximately 10%-12% and AOCF growth of approximately 15%. Forecasted Total Telecommunications AOCF includes an approximate $18 million savings related to the restructuring that was announced in the fourth quarter of 2001.

The company forecasts Madison Square Garden will achieve AOCF of approximately $100 million and forecasts THE WIZ will record AOCF losses of approximately $35 million. Other expense, comprised primarily of corporate and developmental expenses to support the New York metropolitan area operations, is expected to be approximately $58 million in 2002, down from $66 million in 2001 and reflects an approximate $8 million savings related to the restructuring that was announced in the fourth quarter of 2001.

Total Cablevision NY Group revenue is forecasted to increase 6% and AOCF is expected to increase approximately 25% for the full year.

The company estimates that it will also achieve the following results by year-end 2002:

-- Basic cable subscriber growth between .50% and 1.0%

-- 3,600,000 HSD capable homes and between 700,000-725,000 HSD customers

-- 2,000,000 digital video capable homes and between 125,000-150,000 digital
video customers

By year-end 2002, 95% of the total plant is expected to be 750 MHz capable two-way interactive with a maximum of 500 homes per node. The company ended 2001 with 84% of the total plant built to 750 MHz and 96% of the total plant built to a minimum of 550 MHz.

Total Telecommunications 2002 capital expenditures are forecast to be approximately $1.3 billion, down from the previous guidance of between $1.5 billion-$1.7 billion. Capital expenditures for Madison Square Garden, THE WIZ, Rainbow NY Group and the theatres are estimated to be approximately $130 million.

Investments for the Northcoast Communications PCS properties are expected to total approximately $75 million. Investments for the company's direct broadcast satellite related asset are forecasted to total approximately $140 million.

First quarter 2002 Total Telecommunications AOCF is forecasted to increase 10%.

Cablevision President and CEO James L. Dolan commented: "While 2001 was a challenging year in many ways, we see 2002 as a year of great opportunity. Our core businesses continue to perform well and we have taken additional steps to ensure that we are well positioned for this year and beyond. After a thorough, strategic review of our business, we are entering this year with an ambitious plan and a highly capable team that can help propel us to strong operating results."

Rainbow Media Group - 2002 Outlook

RMG's Core Networks, AMC, Bravo, IFC and the Regional Sports networks, forecast revenue growth between 11%-14% and cash flow growth between 13%-15%. Investments for Sterling Digital are expected to total between $25 million and $30 million. Investments for Developing Programming are expected to total between $35 million and $40 million. Capital expenditures are expected to total approximately $30 million.

2001 - Cablevision NY Group

The company affirms its guidance for 2001 AOCF growth for cable, HSD and Lightpath-Long Island of between 10%-12%, and AOCF growth for Total Telecommunications of between 6%-8%. Basic cable subscribers increased 1.6% for the full year to 3,008,000. Optimum Online, Cablevision's HSD service, ended the year with 507,000 customers, 17% of HSD homes released. Digital video customers totaled 17,200 at year-end as the company held off on accelerating the rollout as it worked to further enhance the product's performance to ensure a positive customer experience.

2001 - Rainbow Media Group

The company affirms its full year 2001 guidance for revenue growth of at least 16% and AOCF growth of at least 17%. Losses for Developing Programming are expected to be between $35 million and $40 million and the Sterling Digital's operating loss is anticipated to be approximately $30 million.

Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve 3 million households located in the New York metropolitan area. The company's advanced telecommunications offerings include its Lightpath integrated business communications services; its Optimum-branded high-speed Internet service and iO: Interactive Optimum, the company's newly introduced digital television offering. Cablevision's Rainbow Media Holdings, Inc. operates programming businesses including American Movie Classics, Bravo, The Independent Film Channel and other national and regional services. In addition, Rainbow is a 50 percent partner in Fox Sports Net. Cablevision also owns a controlling interest and operates Madison Square Garden and its sports teams including the Knicks and Rangers. The company operates New York's famed Radio City Music Hall and owns and operates THE WIZ consumer electronics stores and Clearview Cinemas in the New York metropolitan area. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com.

This 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 filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.