Cablevision to Explore Options to Enhance Value for Shareholders

Company to Actively Explore Regular Quarterly Dividend
And Will Explore Spin-Off of Units and Other Potential Strategies

Cablevision Systems Corporation (NYSE:CVC) announced today that its board of directors has authorized the company’s management to explore several strategies for bringing the market value of the company’s common stock more closely in line with the underlying operating performance of the company. The board authorized the company to take all actions necessary or desirable to evaluate and establish a policy with respect to regular quarterly dividends or stock buybacks as promptly as practicable. Separately, as part of this strategic review, the board authorized the company to explore the spin-off of one or more businesses and other potential strategies.

Cablevision President and Chief Executive James L. Dolan said: “We are highly confident of the strength of our underlying businesses and our operating performance. As we indicated last week we have a strong desire to close the value gap between our operating performance and the market value of our shares and, therefore, we will be actively looking at options to accomplish that.”

The company will retain investment banking firms and such other advisors as necessary to pursue the strategic options.

Cablevision Systems Corporation is one of the nation’s leading media and entertainment companies. Its cable television operations serve more than 3 million households in the New York metropolitan area. The company’s advanced telecommunications offerings include its iO: Interactive Optimum digital television, Optimum Online high-speed Internet, Optimum Voice digital voice-over-cable, and its Optimum Lightpath integrated business communications services. Cablevision operates several successful programming businesses, including AMC, IFC, Sundance Channel and WE tv, through Rainbow Media Holdings LLC, and serves the New York area as publisher of Newsday and other niche publications through Newsday LLC. In addition to these businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates New York’s famed Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre, and owns and operates Clearview Cinemas. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com.

Contacts

Cablevision Systems Corporation
Charlie Schueler
SVP, Media Relations
516-803-1013