Cablevision's Rainbow Media Completes Acquisition of Sundance Channel

BETHPAGE, N.Y. - June 17, 2008 - Rainbow Media Holdings LLC, the programming subsidiary of Cablevision Systems Corporation (NYSE: CVC), today announced that it has completed the acquisition of Sundance Channel from General Electric Company's (NYSE: GE) NBC Universal, CBS Corporation's (NYSE: CBS) Showtime Networks, and entities controlled by Robert Redford. This follows the agreement that was reached on May 6, 2008.

About Rainbow Media Holdings LLC

Rainbow Media is a leading producer of targeted, multi-platform content for global distribution, creating and managing some of the world's most compelling and dynamic entertainment brands, including AMC, IFC, WE tv, Lifeskool, sportskool, and VOOM HD Networks. Through IFC Entertainment, Rainbow Media also owns and manages the following: IFC Films, a leading distribution company for independent film; IFC Productions, a feature film production company that provides financing for select independent film projects; and IFC Center, a three screen, state-of-the-art cinema in the heart of New York's Greenwich Village. Rainbow Media also operates Rainbow Advertising Sales Corporation, its advertising sales company; Rainbow Network Communications, its full service network programming origination and distribution company; and 11 Penn TV, a company that manages Rainbow Media's NYC studios and post-production facilities.

Cablevision Systems Corporation

Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications 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's Rainbow Media Holdings LLC operates several successful programming businesses, including AMC, IFC, WE tv, and other national and regional networks. In addition to its telecommunications and programming businesses, Cablevision owns Madison Square Garden and its sports teams, the New York Knicks, Rangers and Liberty. The company also operates Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre and owns and operates Clearview Cinemas.