New York City and Cablevision Renew Bronx and BrooklynCable Franchises.

NEW YORK CITY--(BUSINESS WIRE)--October 8, 1998--

New 10 Year Pact Delivers Half Billion Dollar System Upgrade And

High-Speed Internet Service for Local Public Schools

The City of New York and Cablevision Systems Corporation (ASE:CVC) today signed an agreement renewing

the cable company's franchises in Brooklyn and the Bronx. The 10-year agreement strengthens Cablevision's commitment to the New York Metropolitan area and ensures that all homes, businesses, and schools will have unprecedented access to advanced telecommunications products and services.

Under the terms of the agreement, Cablevision will undertake a five year, $500 million upgrade of its New York City cable systems. The upgrade project will enable Cablevision to deliver borough residents the most comprehensive offerings of video services that technology can deliver, plus high-speed Internet and data services utilizing cable modems, new choice in local telephone service, and other interactive, two-way capabilities. In addition, Cablevision will expand its current provision of free services to public schools to now include high-speed Internet service.

"In the Bronx and Brooklyn, Cablevision has enjoyed an exceptional urban partnership with the City and its neighborhoods. Over the next ten years, we will strengthen that bond ensuring that no one will be excluded from the new world of telecommunications services," said Sheila Mahony, Cablevision senior vice president. "Cablevision will make an extraordinary educational commitment to students, parents and educators in New York. Combined with existing efforts and services, including News 12 the Bronx and on-the-job training efforts, this agreement underscores Cablevision's deep commitment to the people and communities of the New York metropolitan area."

Under the terms of the agreement, Cablevision will continue to contribute a total of 5 percent of it gross revenue for city and state license and franchise fees and will continue to support government and community access operations. The Company will also continue to supply cable connections at no charge to municipal facilities.

Cablevision began providing cable service to New York City customers in 1988. Today the Company serves more than 500,000 households throughout the Bronx and roughly two-thirds of Brooklyn and serves a total of more than 2.7 million households throughout the Tri-State area. Over the past ten years, Cablevision of New York City has established partnerships with community groups in support of the recruitment and job training of individuals who live in its service areas. As a result, more than 1,000 jobs have been created in the growing telecommunications field and Cablevision anticipates continued growth in job opportunities as it prepares to provide new offerings such as Internet service and local telephone service. In addition, Cablevision actively supports community groups and initiatives including youth sports programs, cultural institutions and senior citizen organizations as well as scholarship programs.

Cablevision Systems Corporation is one of the nation's leading telecommunications and entertainment companies, and one of the largest operators of cable television systems in the United States. Cablevision serves more than 3.4 million cable customers with major operations in the New York, Boston, and Cleveland metropolitan areas. Its subsidiary, Rainbow Media Holdings, Inc., manages entertainment, news and sports programming, and is a 50-percent partner in Fox Sports Net. The Company owns a majority interest in Madison Square Garden L.P., which includes the arena complex, the New York Knicks, the New York Rangers, as well as the MSG Network. Its Radio City Entertainment manages the operations of New York's famed Radio City Music Hall, and holds a long-term lease on the property. Cablevision Lightpath, a wholly owned subsidiary, provides telephone service to more than 1,000 businesses on Long Island and in Connecticut, while Optimum Online offers high-speed online and Internet access via cable modems to customers in the New York metro area. Cablevision also owns and operates the Nobody Beats The Wiz stores.