Cablevision’s Rainbow Media Group Tracking Stock Begins Trading On New York Stock Exchange

Bethpage, NY – March 30, 2001 – Cablevision Systems Corporation (NYSE:CVC) announced today that its new series of Cablevision common stock, called Rainbow Media Group tracking stock, commenced trading on the New York Stock Exchange under the ticker symbol (NYSE: RMG).

The RMG tracking stock is designed to reflect the separate economic performance of certain businesses and interests of Rainbow Media Holdings, Inc. These include Rainbow’s national programming networks and selected regional programming assets: American Movie Classics, Bravo, The Independent Film Channel, WE: Women’s Entertainment (formerly Romance Classics), MuchMusic USA, Rainbow’s interest in the national service FOX Sports Net, Rainbow’s five regional sports channels outside of the New York market, and Rainbow Network Communications.

“The RMG tracking stock provides our shareholders with an excellent vehicle to recognize the asset value within Rainbow Media Group while giving Cablevision greater flexibility to pursue growth opportunities at our national networks,” said James L. Dolan, president and CEO, Cablevision Systems Corporation. “Depending on their particular investment objectives, the new equity structure now allows investors to invest in either Cablevision NY Group common stock, which focuses on our New York cable, programming and entertainment assets, or the new Rainbow Media Group tracking stock, which focuses on our national programming assets,” Mr. Dolan continued.

On February 1, 2001, Cablevision and Metro-Goldwyn-Mayer Inc. (NYSE:MGM) announced an agreement for MGM to make a cash investment of $825 million in exchange for a 20 percent stake in four of Rainbow’s national networks – AMC, Bravo, The Independent Film Channel and WE: Women’s Entertainment. Following the completion of the MGM transaction, Rainbow will continue to manage those programming networks. MGM’s 20 percent ownership interest in the four networks will not be part of the assets included in the Tracking stock. The agreement is expected to close the first week of April.

Cablevision will continue to manage Rainbow. Shareholders of Cablevision common stock yesterday received one share of Rainbow Media Group for every two shares of Cablevision stock held. In addition, Cablevision Class A common stock has been redesignated as Cablevision NY Group Class A common stock, and continues to trade on the NYSE under the symbol “CVC”. Certain of the Company’s New York assets including the Madison Square Garden properties, News 12 Networks and MetroChannels will remain as components of the Cablevision NY Group (CVC) common stock.

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 Media Holdings, Inc., a subsidiary of Cablevision Systems Corporation (NYSE:CVC) and NBC, manages American Movie Classics, We: Women’s Entertainment, Bravo, The Independent Film Channel, 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. Rainbow Media Group (NYSE: RMG) is comprised of its five national networks, Rainbow’s interest in the national service FOX Sports Net, Rainbow’s six regional sports channels outside of the New York market, and Rainbow Network Communications.

This news release contains forward-looking statements that are based upon the companies’ estimates and expectations concerning future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. These risks and uncertainties include, among other things, future competitive and market conditions, whether the company’s product achieve customer acceptance, future business decisions, and other factors, including those described in the companies’ filings with the Securities and Exchange Commission, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the companies. In light of the significant uncertainties inherent in the forward-looking information herein, the inclusion of such information should not be regarded as a representation by the companies or any other person that the companies’ objectives or plans will be realized. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities of the companies.


Cablevision Systems Corpoation

Charles Schueler
Senior Vice President

Media and Community Relations

Frank Golden
Senior Vice President
Investor Relations

Rainbow Media Holdings, Inc.

Christine Levesque
Vice President
Communication and Marketing