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
BETHPAGE, N.Y.--(Business Wire)--
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.

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

Copyright Business Wire 2008