Cablevision Systems Corporation to Acquire 31 Loews Cineplex Theatres Primarily in Manhattan and New York Suburbs.

WOODBURY, N.Y.--(BUSINESS WIRE)--Aug. 27, 1998--

Metro Area Theatres, Including Historic Ziegfeld to Complement Cablevision's Pending Clearview Cinema Group Purchase

Cablevision Systems Corp. (ASE:CVC) today announced that it has entered into agreements with Loews Cineplex Entertainment Corp. (NYSE: LCP, TSE: LCX) ("Loews") which will expand Cablevision's movie theatre presence in the New York market. The first agreement covers 24 theatres, 13 in New York City -- including the historic Ziegfeld theatre -- and 11 in Chicago for a total consideration of $85 million. Loews Cineplex had committed to divest these theatres as part of a recent merger. The second agreement includes seven additional theatres located in the suburbs of New York which Cablevision will purchase for a consideration of $6.7 million.

For Cablevision, the acquisition complements the company's recently announced agreement to acquire Clearview Cinema Group, Inc. (ASE:CLV) and its 45 theatres and 254 screens. The combined entity will create a theatre circuit in the New York market, featuring a total of 65 theatres and 310 screens. It will operate as a wholly-owned subsidiary of Cablevision. The companies expect to complete all transactions during the 4th quarter of 1998.

Cablevision President and CEO James L. Dolan said, "The Loews theatres are premiere New York City properties which create a strategic fit with Clearview theatres in the nation's most important motion picture market. A marketwide presence in movie theatres extends Cablevision's ability to offer metro area consumers a choice of live, film and televised entertainment."

The theatre circuit, combined with Cablevision's entertainment properties, retail outlets and state-of-the-art distribution system, provides Cablevision with new cross-promotion, co-branding and marketing opportunities throughout the nation's number one market.

Company officials underscored that the addition of the Manhattan locations and millions of annual patron visits creates new opportunity for Cablevision to interact directly with customers in a retail entertainment setting.

Following completion of both the Loews and the previously announced Clearview transactions, all of the theatres will be managed together with Cablevision's live entertainment and retail properties under the Madison Square Garden umbrella. Clearview Founder and President Bud Mayo will report to Madison Square Garden President and CEO David W. Checketts.

"This acquisition, together with Cablevision's recent announcement regarding Clearview, gives us a critical mass of movie theatres in a key market," said Dave Checketts. "When you combine this business with our sports, entertainment and TV properties, it creates a whole that is greater than the sum of its parts."

"This acquisition will provide a centerpiece for our company's presence in the metro New York market," said Mr. Mayo. "We can now deliver our community-based theatre approach to a broader audience than ever before and intend to offer value-added regional packages to film distributors." Mr. Mayo also noted that the company is exploring various options regarding the 11 Chicago theatres, including the possible sale of the properties.

The acquisition of the Loews and Clearview theatres follow a series of strategic transactions over the past 18 months which have created for Cablevision a wide-ranging family of entertainment and telecommunications properties based in and around the New York area. The properties include: Madison Square Garden, its facilities and teams; the "Nobody Beats the Wiz" consumer electronics stores; and Radio City Entertainment, which holds a long term lease on New York's famed Radio City Music Hall and produces A Christmas Carol, The Wizard of Oz (both at The Theater at Madison Square Garden), and The Radio City Christmas Spectacular (in New York and five other cities). These join Cablevision's new and existing television programming services -- including American Movie Classics, Bravo, The Independent Film Channel and the new MSG Metro Channels.

Completion of the transaction is subject to the receipt of various necessary approvals, including approval of the Loews divestiture plan by appropriate US agencies.

Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies, and one of the largest operators of cable television systems in the United States. Cablevision serves more than 3.4 million cable customers with major operations in the New York, Boston, and Cleveland metropolitan areas. Its subsidiary, Rainbow Media Holdings, Inc., manages entertainment, news and sports programming, and is a 50-percent partner in Fox Sports Net. The Company owns a majority interest in Madison Square Garden L.P., which includes the arena complex, the New York Knicks, the New York Rangers, as well as the MSG Network. Its Radio City Entertainment manages the operations of New York's famed Radio City Music Hall, and holds a long-term lease on the property. Cablevision Lightpath, a wholly owned subsidiary, provides telephone service to more than 1,000 businesses on Long Island and in Connecticut, while Optimum Online offers high-speed online and Internet access via cable modems to customers in the New York metro area. Cablevision also owns and operates the Nobody Beats The Wiz stores.

This news 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 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. Factors which may cause such differences to occur include but are not limited to (i) whether expenses continue to increase or increase at a different rate than expected, (ii) customer demand, competition, the cost of programming and industry conditions, (iii) whether the transactions described herein are consummated on the terms and at the times set forth, (iv) new companies entering the companies' areas of operations, and (v) the other risks and uncertainties in the companies' business.

   CONTACT: Charlie Schueler           Barry O'Leary
             Media Relations            Investor Relations
             516-393-1399               516-393-1199
             Susan Pelcher              Elizabeth Hrybenko
             Media Relations            Investor Relations
             516-393-1961               516-393-1154