Cablevision Board of Directors Approves Moving Forward with Spin-off of Madison Square Garden Business

BETHPAGE, N.Y.--(Business Wire)--
Cablevision Systems Corporation (NYSE:CVC) today announced that its board of
directors has authorized the company`s management to move forward with the
spin-off of the Madison Square Garden (MSG) business to Cablevision
stockholders. The transaction would be structured as a tax-free pro rata
spin-off to Cablevision's existing shareholders and is expected to be completed
by year-end 2009, subject to necessary approvals.

Once the spin-off is complete, Cablevision shareholders would own shares in both
Cablevision and the new MSG, which would allow shareholders to more clearly
evaluate each of the separate company`s assets and future potential. It is
anticipated that the spin-off would be in the form of a pro rata distribution to
all shareholders of Cablevision, with holders of Class A common stock receiving
Class A shares in Madison Square Garden and holders of Class B common stock
receiving Class B shares in Madison Square Garden. Both Cablevision and the new
MSG would be controlled by the Dolan family through their ownership of Class B
shares. Cablevision also reiterated that it is not considering the sale of MSG,
any of MSG's businesses or any other Cablevision business at this time.

Following the spin-off, James Dolan would become Executive Chairman of the new,
public Madison Square Garden and would continue in his present role as President
and CEO of Cablevision. Hank Ratner would be President and CEO of Madison Square
Garden, and would remain Cablevision`s Vice Chairman. Charles Dolan would
continue in his role as Cablevision`s Chairman.

Cablevision President and CEO James L. Dolan commented, "This spin-off will
create two distinct companies, each with enhanced strategic flexibility, its own
defined business focus and clear investment characteristics. The new MSG will be
an attractive combination of sports, entertainment and programming properties,
while Cablevision will continue to house a portfolio that includes
industry-leading telecommunications services and popular programming networks.
We believe that the combined value of these assets has not been fully realized,
and that this transaction will be beneficial to shareholders as both Cablevision
and MSG freely pursue their own individual business plans."

Cablevision Vice Chairman Hank Ratner commented: "Madison Square Garden is one
of the world`s leading sports, entertainment and media companies made up of
strong brands that will work together to drive the new company`s overall
business. We are confident that MSG`s assets and integrated approach will
continue to set the company apart in the industry and will position it for
long-term success as a public company."

The new MSG`s assets will include:

* Media properties, including the MSG, MSG Plus and Fuse networks, as well as
MSG Interactive`s collection of online assets
* Sports teams - including the Knicks and Rangers franchises
* A live entertainment portfolio, including the Radio City Christmas
Spectacular, featuring the world-famous Radio City Rockettes, as well as
concerts, family shows and special events
* Leading venues, highlighted by Madison Square Garden and Radio City Music
Hall

Completion of the spin-off is subject to receipt of a favorable ruling from the
IRS and the filing and effectiveness of a Form 10 with the Securities and
Exchange Commission (SEC), as well as final approval by Cablevision`s board of
directors.

Cablevision Systems Corporation (NYSE: CVC) is one of the nation's leading
media, entertainment and sports companies.

This press 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.

TWO SEPARATE COMPANIES
Cablevision New MSG

Optimum Telecommunications Services MSG Sports
Consumer Services New York Knicks (NBA)
iO: Interactive Optimum digital video New York Rangers (NHL)
Optimum Online high-speed data New York Liberty (WNBA)
Optimum Voice phone service Hartford Wolf Pack (AHL)
MSG Sports Properties (including college
Business Services basketball, boxing events)
Optimum Business
Optimum Lightpath commercial MSG Entertainment (Concerts and Events)
telecommunications services Radio City Rockettes
Radio City Christmas Spectacular
Rainbow Media Wintuk
National and Local Programming Services Concerts
AMC Family Shows
WE tv Special Events
IFC (The Independent Film Channel)
IFC Entertainment MSG Media
Sundance Channel MSG and MSG HD
News 12 Networks MSG Plus and MSG Plus HD
Fuse and Fuse HD
Ad Sales Services MSG Interactive
Rainbow Advertising Sales Corporation
Venues
Technical Services Madison Square Garden
Rainbow Studios Radio City Music Hall
Rainbow Network Communications The Theater at Madison Square Garden
The Beacon Theatre
Newsday LLC The Chicago Theatre
Newsday and Newsday.com The Wang Theatre (Boston)
amNewYork and amny.com
Star Community Publishing

Clearview Cinemas Theatres

Cablevision Systems Corporation
Charles Schueler, 516-803-1013
Senior Vice President
Media and Community Relations
or
Madison Square Garden
Barry Watkins, 212-465-5920
Senior Vice President
Communications
or
Cablevision Systems Corporation
Patricia Armstrong, 516-803-2270
Senior Vice President
Investor Relations

Copyright Business Wire 2009

http://www.businesswire.com/news/home/20090730005569/en