Cablevision Completes Acquisition of 97% Stake in Newsday Media Group Through Partnership with Tribune Company

Business Wire, July 29, 2008

BETHPAGE, N.Y. -- Cablevision Systems Corporation (NYSE: CVC) today announced that it has acquired 97 percent of Newsday Media Group ("Newsday") through the formation of a new partnership with Tribune Company. For Cablevision, the completion of this transaction adds a complementary print and online media group with diverse, quality local content in the New York area.

Newsday Publisher Tim Knight will continue to oversee Newsday and will report to Cablevision Chief Operating Officer Thomas Rutledge.

Mr. Rutledge said: "We deeply appreciate Newsday's journalistic excellence, editorial voice and advertising value. Adding Newsday to the Cablevision family will combine powerful newsgathering capabilities with industry-leading electronic distribution. We believe this presents great opportunities for us to build our subscription-based businesses. This marriage of content and technology will also strengthen Newsday's role as the connecting point between readers and the events, businesses and neighbors around them. I am confident in the many talented employees at Newsday and look forward to the opportunities that lie ahead."

Mr. Knight commented: "This is an important moment for us all at Newsday. We are joining a company that has a tremendous understanding of the Long Island market and a history of recognizing the value of local content. We strongly believe that Cablevision will help us further distinguish Newsday and create even greater value for our readers and advertisers."

Cablevision and Newsday are immediately exploring ways to grow their advertising-based and subscription-based businesses. Cablevision is expected to begin using its cable systems across the New York area to run Newsday advertisements that highlight the strength of the paper's news, content and advertising. Through its interactive advertising capabilities on both its cable systems and data networks, Cablevision will also begin marketing subscriptions for Newsday. Cablevision currently serves hundreds of thousands of Long Island households; not all of which currently subscribe to Newsday and this provides a unique opportunity for Cablevision to market Newsday to those homes.

Cablevision and Newsday officials indicated that many collaborations and new initiatives are expected in the coming months as the Newsday partnership begins operating under the Cablevision umbrella.

Newsday Media Group

The Newsday Media Group assets include:

* Newsday - one of the nation's largest daily newspapers, providing award-winning news and information that reaches 1.5 million Long Island adults each week

* amNewYork - launched in 2003, has quickly become the largest free daily newspaper in New York City with an average weekday circulation of 335,000

* Newsday Interactive - includes Newsday.com and other local information sites such as ExploreLI.com and Newsday.com/NZone, the popular high school sports destination. In March 2008, Newsday.com reached 3.2 million monthly unique visitors and delivered over 66 million page views

* Star Community Publishing -- the Northeast's largest weekly shopper group with 181 editions and circulation of more than 2.6 million

* Island Publications -- produces targeted lifestyle magazines including Distinction, Wellness, Parents & Children, LI Weddings and This Month on Long Island

Cablevision Systems Corporation

Cablevision Systems Corporation is one of the nation's leading entertainment and telecommunications companies. Its cable television operations serve 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, Sundance Channel, 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.