Cablevision Revises Guidance for 2001.

Business Editors

BETHPAGE, N.Y.--(BUSINESS WIRE)--Oct. 5, 2001

Cablevision Systems Corporation (NYSE:CVC) announced today that it has revised 2001 guidance for several of its businesses.

Cable, high-speed data and Long Island Lightpath pro forma cash flow growth is expected to be between 10%-12%, down from 11%-13%. Total telecommunications pro forma cash flow growth is expected to be between 6%-8%, down from 7%-9%. The expected lower pro forma cash flow growth is primarily due to the continued weakness in advertising sales particularly in light of the tragic events of September 11th. Cable subscriber growth is expected to be between .75%-1.0%. Digital cable customers are expected to number between 40,000 and 50,000 by year-end.

Madison Square Garden pro forma cash flow (excluding the $30 million settlement payment from the Yankees) is expected to be approximately $80 million excluding certain one-time expenses related to the sports teams that could be incurred. The revised guidance has been reduced from the previous estimate of $115-$120 million due to: lower advertising revenue at Madison Square Garden Network; lower projected attendance at Radio City Music Hall and The Theater at Madison Square Garden for the holiday season shows due to the events of September 11th; and lastly, the impact of player contract buyouts and trades.

Cablevision President and CEO James L. Dolan stated: "Although the advertising market continues to be a challenge, our core businesses continue to perform well, particularly our high-speed data service, Optimum Online. Additionally, the launch of the company's new digital cable service, iO: Interactive Optimum, on September 28th to more than 500,000 homes on Long Island represents Cablevision's most significant technological advance to date and enables us to continue to offer our customers original and unique services. We are looking forward to continuing the rollout of iO: Interactive Optimum in the New York area in 2002."

COMPANY DESCRIPTION

Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies. The Company consists of the Cablevision NY Group (NYSE: CVC) and the Rainbow Media Group (NYSE: RMG).

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, the effects of the tragic events of September 11th, and the factors described in the Company's registration statement on Form S-3, filed on August 8, 2001, as amended, including the section entitled "Risk Factors" contained therein. The Company disclaims any obligation to update the forward-looking statements contained herein.