Cablevision Shareholders Approve Rainbow Media Group Tracking Stock

(Bethpage, NY, February 16, 2001)--Cablevision Systems Corporation just announced that its shareholders have approved the creation and distribution of a new series of Cablevision common stock comprised of certain assets of Rainbow Media Holdings, Inc., to be called Rainbow Media Group tracking stock. The vote occurred today at a special meeting of the company's stockholders at Cablevision headquarters in Bethpage, NY. RMG tracking stock is designed to reflect the separate economic performance of certain of the businesses and interests of Rainbow Media Holdings, Inc. The tracking stock is expected to be distributed to holders of Cablevision common stock at a ratio of one share of RMG for every two shares of CVC held. Rainbow Media Holdings, Inc., which manages national and regional cable networks, is 74% owned and operated by Cablevision. NBC owns a 26% interest in Rainbow. After the closing of a recently announced transaction, Metro-Goldwyn-Mayer (MGM) will hold a 20% ownership interest in four of Rainbow Media's national cable networks - American Movie Classics, Bravo, The Independent Film Channel (IFC) and We: Women's Entertainment. Following the MGM transaction, Rainbow will continue to manage those programming networks. MGM's 20% ownership interest in the 4 networks will not be part of the assets included in the Tracking Stock and the MGM transaction is expected to close within the next two months. The networks that will comprise Rainbow Media Group tracking stock include: American Movie Classics American Movie Classics (AMC), launched in 1984, is the nation's first and leading classic film channel. Available to 75 million households, AMC features classic, unedited, uncolored films produced between the 1930s and 1980s, and produces a diverse blend of original programming, including series, specials and mini-documentaries. AMC is one of cable's top ten networks in terms of distribution and ratings. Bravo Bravo is the home to creativity on television, and the first service dedicated to film and the performing arts. Launched in 1980, Bravo is available in 60 million households. Its schedule features original programming, feature films, theater, dance, music and documentaries. The Independent Film Channel The Independent Film Channel (IFC) is the first network dedicated to films developed outside of the Hollywood studio system. Available in 40 million households, IFC was launched in 1994 with the support of its Advisory Board, which includes Martin Scorsese, Robert Altman, Spike Lee, Tim Robbins and Jodie Foster. WE: Women's Entertainment (formerly Romance Classics) WE: Women's Entertainment (formerly Romance Classics) features a mix of popular films, original series and topical specials created especially for and by women. Available in 37 million households, WE: Women's Entertainment helps women reconnect, refocus and rediscover the issues that are most important to them. MuchMusic USA Launched in the United States in 1994, MuchMusic USA reaches 24 million households with an all-music-all-the-time format including original television shows, live concerts, and broadband content. MuchMusic USA's lineup reflects an increasing focus on localized, multi-platform programming. Rainbow recently announced that it has assumed full ownership of MuchMusic USA from Chum Ltd. Rainbow Sports The RMG tracking stock will include Rainbow Media Holdings, Inc.'s interest in Rainbow Sports, which manages regional sports services in six of the nation's leading sports markets, delivering "home team" sports to more than 18 million households. These networks are located in San Francisco, Chicago, Cincinnati, Florida, New England and Greater Cleveland, Ohio. Rainbow Sports also includes Rainbow's 50 percent interest in the national sports and news service FOX Sports Net which reaches 80 million households nationwide by linking 21 regional sports networks, including the six FOX Sports Net networks managed by Rainbow Sports. News Corporation owns the remaining 50 percent interest in FOX Sports Net and manages the service. About Cablevision Systems Corporation Cablevision Systems Corporation is one of the nation's leading entertainment, media and telecommunications companies. In addition to its broadband, cable, Internet and telephone offerings, the company owns and operates Rainbow Media Holdings, Inc. and its networks; Madison Square Garden and its teams; Clearview Cinemas and The Wiz consumer electronics chain. In addition, Cablevision operates New York's famed Radio City Music Hall. Rainbow owns and manages American Movie Classics, WE: Women's Entertainment, Bravo, IFC, MuchMusic USA, Rainbow Sports, News 12 Networks and MetroChannels as well as the Rainbow Advertising Sales Corporation and Rainbow Network Communications. In addition, Rainbow is a fifty-percent partner in FOX Sports Net. Source Cablevision press release [an error occurred while processing this directive]