Cablevision Announces Tracking Stock Distribution Date

Cablevision Systems Corporation (NYSE:CVC) announced that the record date for determining stockholders entitled to receive a pro rata distribution of its Rainbow Media Group (RMG) tracking stock will be March 15, 2001. The Rainbow Media Group tracking stock will be distributed to holders of Cablevision common stock at a ratio of one share of RMG stock for every two shares of CVC stock held. The expected distribution date is March 29, 2001.

Cablevision also anticipates that on March 30, 2001, the existing Cablevision Class A common stock, re-designated as Cablevision NY Group Class A common stock, will continue to trade on the New York Stock Exchange under the symbol “CVC”, and the Rainbow Media Group Class A tracking stock will begin trading on the NYSE under the symbol “RMG”.

Stockholders who want to be sure to receive Rainbow Media Group tracking stock in the distribution should maintain their ownership of their CVC shares from March 13, 2001 up to and including the March 29, 2001 distribution date.

The Rainbow Media Group tracking stock is designed to enable investors to follow more directly the separate economic performance of certain Rainbow Media Holdings, Inc. programming assets including: American Movie Classics, Bravo, The Independent Film Channel, WE: Women