Cablevision Signs Letter of Intent to Divest Rainbow DBS Assets and Liabilities.

BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE: CVC) today announced that it has signed a letter of intent under which VOOM HD, LLC, a new private company formed by certain holders of Cablevision Class B Common Stock, including Charles Dolan and Tom Dolan, will acquire the business, assets and liabilities of Cablevision's Rainbow DBS satellite business not included in Cablevision's definitive agreement with EchoStar announced January 20, 2005.

In consideration, VOOM HD will assume and indemnify Cablevision against substantially all of the liabilities of the Rainbow DBS satellite business existing at the closing or thereafter incurred. For Cablevision, the transaction will allow it to avoid various shutdown costs and other liabilities of the VOOM service which it would have incurred had it proceeded with its original plan to shut down the service. Cablevision will incur certain severance costs in connection with the transaction. VOOM HD is in the process of securing financing to support the ongoing operations of the business and anticipates having that financing in place by the close of the transaction. The parties' obligations under the letter of intent are subject to the execution of a definitive agreement by February 28, 2005.

"We're pleased to have an understanding that will permit us to continue VOOM's state-of-the-art service for its customers," said Tom Dolan of VOOM HD. "VOOM has met with critical acclaim and strong enthusiasm among its customers, and VOOM HD is committed to providing the necessary resources to continue building the largest and broadest selection of HD and standard definition programming available."

VOOM will acquire Cablevision's interest in the VOOM 21 high-definition channels that are currently carried exclusively by Rainbow DBS, various Ka-Band, Ku-Band and MVDDS licenses, the SES Americom lease on the Rainbow 2 satellite, existing customer agreements and other VOOM-related assets.

A committee of Cablevision's Board of Directors consisting of independent directors negotiated the letter of intent for Cablevision. The transaction is contingent on the Board's approval of the definitive agreement. There can be no assurance that a definitive agreement will be entered into or that the transaction will be consummated.

About Cablevision

Cablevision Systems Corporation is one of the nation's leading entertainment, media and telecommunications companies. In addition to its cable, Internet, and voice offerings, the company owns and operates Rainbow Media Holdings LLC 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.

About VOOM

VOOM is the first television service to provide a comprehensive array of high-definition (HD) programming for the rapidly growing but underserved HDTV audience. With a lineup of nearly 40 HD channels, VOOM delivers more HD programming than any other satellite or cable service provider. VOOM's HD lineup includes STARZ! HD, Encore HD, Showtime HD, Playboy Hot HD, ESPN HD, HBO HD and Cinemax HD, as well as an exclusive package of brand-new, commercial-free VOOM HD Originals such as WorldSport, Equator and Animania. The service also includes 87 of the most popular cable channels in standard-definition (SD), 23 digital music channels, and free over-the-air digital broadcast channels in HD, where available. VOOM is offered across the continental United States through local Sears retailers; at BrandsMart USA stores; and through O'Rourke Sales Company's independent electronics retailers with approximately 10,000 locations in all 50 states. Customers can also purchase the service by calling 1-800-GET-VOOM or by visiting www.voom.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" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update the forward-looking statements contained herein.