About Crown Media Holdings

Crown Media Holdings, Inc. (NASDAQ: CRWN) owns and operates cable television channels dedicated to high quality, broad appeal, entertainment programming. The Company currently operates and distributes Hallmark Channel in the U.S. to 84 million subscribers. The program service is distributed through 5,450 cable systems and communities as well as direct-to-home satellite services across the country. Hallmark Channel consistently ranks among the top ten ad-supported cable networks in Prime Time and Total Day household ratings and is the nation's leading network in providing quality family programming. Crown Media also operates a second 24-hour linear channel, Hallmark Movie Channel and Hallmark Movie Channel HD which launched in April of 2008. Significant investors in Crown Media Holdings include: Hallmark Entertainment Holdings, Inc., a subsidiary of Hallmark Cards, Incorporated, Liberty Media Corp., and J.P. Morgan Partners (BHCA), LP, each through their investments in Hallmark Entertainment Investments Co.; VISN Management Corp., a for-profit subsidiary of the National Interfaith Cable Coalition; and The DIRECTV Group, Inc.

For more information, please visit www.hallmarkchannelpress.com.

Forward-looking Statements

Statements contained in this press release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties include: competition for distribution of channels, viewers, advertisers, and the acquisition of programming; fluctuations in the availability of programming; fluctuations in demand for the programming Crown Media airs on its channels; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Risk Factors stated in the Company's most recent 10-K and 10-Q Reports. Crown Media Holdings is not undertaking any obligation to release publicly any updates to any forward looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

SOURCE: Crown Media Holdings, Inc.

Investors
IR Focus
Mindy Tucker, 914-725-8128
mindy@irfocusllc.com
or
Press
Hallmark Channel
Nancy Carr, 818-755-2643
nancycarr@hallmarkchannel.com

"The iO Sports Pak is a great choice for Cablevision customers who just can't get enough sports programming, with a diverse array of top networks," said John Trierweiler, Cablevision's senior vice president of product management. "iO Sports Pak is a terrific addition to any sports fan's TV line-up, and with the upcoming launch of CBS College Sports Network, this package is an even better value for our customers."

This sports-filled package is available to all Family Cable customers and above with a digital cable box for $5.95 per month. Channels include:

     -- CBS College Sports Network - (formerly CSTV), the pulse of college
        sports, features a full line-up of regular-season and championship
        events for 35 men's and women's college sports, as well as
        award-winning original programming, live studio shows, documentaries
        and a twice nightly live show, "College Sports Tonight."  The network
        brings fans top action and rivalry games from dozens of conferences,
        including the Mountain West Conference, Conference USA, Atlantic 10
        and SEC.

     -- NHL Network - the all-access channel to the National Hockey League.
        Each evening during the regular season, the channel broadcasts its
        flagship show The NHL on the Fly, featuring instant updates and live
        segments of games in progress.  It also airs 40-plus NHL games and
        games from other leagues, such as minor and international hockey
        leagues.

     -- VERSUS - the leader in competitive and adrenaline-charged content.
        VERSUS is the cable home of the National Hockey League and
        best-in-class events like The Tour de France, The America's Cup,
        Professional Bull Riders (PBR), the Boston Marathon and USSA Skiing.

     -- The Golf Channel - In addition to being the exclusive cable home of
        the Champions, Nationwide, Canadian and European Tours, The Golf
        Channel televises competition from the LPGA Tour, USGA, PGA of
        America, PGA Tour of Australasia and Sunshine Tour of Southern Africa.

     -- NBA TV - gives an insider's perspective on all the NBA action --
        in-depth game coverage and highlights, real-time stats and scores.

     -- FUEL TV - the original 24-hour domestic sports network dedicated to
        the world of extreme sports. Fuel covers both competitive and
        free-riding action in the arenas of skateboarding, surfing, BMX,
        freestyle motocross, snowboarding, and wakeboarding. Programming
        includes top-level international sports events and competitions,
        featuring elite extreme sports athletes.

     -- TVG Network - the interactive horseracing network, offers real-time
        odds, track conditions, handicapping information and in-depth analysis
        of every televised race from over 60 tracks as well as comprehensive
        special event coverage of the Kentucky Derby, Belmont Stakes and the
        Breeders' Cup World Thoroughbred Championships.

     -- FCS Pacific - Fox College Sports is dedicated to the college sports
        fan, delivering over 800 NCAA events per year. FCS Pacific covers West
        Coast collegiate conferences like the Pacific Athletic Conference.

     -- FCS Central - Fox College Sports is dedicated to the college sports
        fan, delivering over 800 NCAA events per year. FCS Central covers
        Midwest collegiate conferences like the Big 10.

     -- FCS Atlantic - Fox College Sports is dedicated to the college sports
        fan, delivering over 800 NCAA events per year. FCS Atlantic covers
        East Coast collegiate conferences like the Big East and the Atlantic
        Coast Conference.

     -- Outdoor Channel - Founded by outdoorsmen for outdoorsmen, Outdoor
        Channel features quality programming designed to educate and entertain
        sportsmen of all skill levels.

     -- GolTV - offers original programming dedicated to the world's most
        popular sport -- soccer -- with more than 1,500 games per year.
        Features exclusive coverage of La Liga from Spain, Calcio A from Italy
        and premier leagues from Brazil, Colombia, Peru, Uruguay, Honduras,
        Guatemala, Ecuador, Bolivia and El Salvador.

     -- MavTV - a one-stop shop that covers all the hot-button topics guys
        care about. MavTV presents an exciting blend of sports, movies,
        comedy, gambling, business news, lifestyle information, and gadgets.

With nearly 2.7 million iO TV customers, more than 85 percent of Cablevision's cable customers are iO TV digital cable customers, the highest digital penetration in the nation. iO TV offers customers access to 360 channels, including 53 premium movie channels, 48 channels of commercial-free digital music, more than 3,500 titles available on demand at all times, an interactive programming guide, 45 high-definition programming services and uniquely valuable interactive television applications like News 12 Interactive.

About Cablevision

Cablevision Systems Corporation (NYSE: CVC) 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 TV(SM), Optimum Online(R) high-speed Internet, Optimum Voice(R) 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 New York's famed Radio City Music Hall, and owns and operates Clearview Cinemas.

SOURCE Cablevision Systems Corporation

http://www.cablevision.com

Operating highlights for first quarter 2008 include:

-- Cable Television net revenue growth of 10.5% and AOCF growth of 13.0% for the quarter

-- Quarterly addition of 197,000 Revenue Generating Units ("RGU") including the addition of 2,000 basic video subscribers

-- Average Monthly Revenue per Basic Video Customer ("RPS") of $129.56 in the first quarter of 2008

-- Rainbow net revenue growth of 15.8% and AOCF growth of 17.6% for the quarter

-- Optimum Lightpath net revenue growth of 12.2% and AOCF growth of 25.3% for the quarter

Cablevision President and CEO James L. Dolan commented: "Cablevision had a very solid start to 2008 with strong gains in net revenue and AOCF, fueled largely by continuing growth in the company's core cable business. For the first quarter, we added customers across all of our consumer services, including basic video, and became the first cable company to achieve a 50 percent penetration rate for high speed Internet. These results extended Cablevision's industry-leading penetration rates for yet another quarter while Rainbow and MSG generated strong revenue growth of their own," concluded Mr. Dolan.

Results from Continuing Operations(2)
Segment results for the quarters ended March 31, 2008 and 2007 are as
 follows:

                                                         Operating
                                                           Income
                      Revenue, Net          AOCF           (Loss)
                   ------------------- --------------- ---------------
$ millions          Q1 2008   Q1 2007  Q1 2008 Q1 2007 Q1 2008 Q1 2007
                   --------- --------- ------- ------- ------- -------

Telecommunications $1,261.9  $1,141.3  $485.9  $428.6  $257.3  $185.5
Rainbow               225.2     194.5    50.7    43.1    27.7    13.6
MSG                   265.1     247.8    (2.5)   15.6   (19.7)   (4.6)
Other (including
 eliminations)        (31.5)    (21.0)  (18.2)  (13.6)  (19.8)  (24.2)
                   --------- --------- ------- ------- ------- -------
Total Company      $1,720.7  $1,562.6  $515.9  $473.7  $245.5  $170.3
                   --------- --------- ------- ------- ------- -------

        1. See definition of adjusted operating cash flow ("AOCF")
         included in the discussion of non-GAAP financial measures on
         page 4 of this earnings release.

        2. Operating results of FSN Bay Area and Rainbow DBS'
         distribution operations are included in discontinued
         operations for all periods presented as applicable. Fuse is
         included in the Madison Square Garden segment for all periods
         presented.

Telecommunications Services - Cable Television and Lightpath

Telecommunications Services includes Cable Television - Cablevision's "Optimum" branded video, high-speed data, and voice residential and commercial services offered over its cable infrastructure -- and its "Optimum Lightpath" branded commercial data and voice services.

Telecommunications Services net revenues for first quarter 2008 rose 10.6% to $1.262 billion, AOCF grew 13.4% to $485.9 million and operating income increased 38.7% to $257.3 million, all compared to the prior year period.

Cable Television

Cable Television first quarter 2008 net revenues increased 10.5% to $1.214 billion, AOCF rose 13.0% to $467.7 million and operating income increased 35.5% to $258.7 million, each compared to the prior year period. The increases in net revenue, AOCF and operating income were principally driven by the growth in digital video, high-speed data, and voice customers as well as higher rates reflected in first quarter 2008 results.

The first quarter 2008 results reflect:

-- Basic video customers up 2,000 from December 2007 and down 14,000 or 0.4% from March 2007

-- iO: Interactive Optimum digital video customers up 41,000 or 1.6% from December 2007 and 158,000 or 6.3% from March 2007

-- Optimum Online high-speed data customers up 61,000 or 2.7% from December 2007 and 225,000 or 10.6% from March 2007

-- Optimum Voice customers up 93,000 or 5.8% from December 2007 and 367,000 or 27.8% from March 2007

-- Revenue Generating Units up 197,000 or 2.0% from December 2007 and 734,000 or 8.1% from March 2007

-- Cable Television RPS of $129.56, up $4.46 or 3.6% from the fourth quarter of 2007 and up $12.61 or 10.8% from the first quarter of 2007

Optimum Lightpath

For first quarter 2008, Lightpath net revenues increased 12.2% to $59.4 million, AOCF increased 25.3% to $18.2 million and operating loss improved 73.9% to $1.4 million, each as compared to the prior year period. The increase in net revenue is primarily attributable to the continued growth in Ethernet data services, partially offset by the effect of the transition from traditional data service. The improvements in AOCF and operating loss were due principally to the continued expansion of the more efficient, higher margin Ethernet business.

Rainbow

Rainbow consists of National Programming services - AMC, WE tv and IFC as well as Other Programming which includes: News 12 Networks, VOOM HD, Lifeskool, sportskool, IFC Entertainment, Rainbow Network Communications, Rainbow Advertising Sales Corp. and other Rainbow ventures.

Rainbow net revenues for the first quarter of 2008 increased 15.8% to $225.2 million, AOCF rose 17.6% to $50.7 million, and operating income grew 103.5% to $27.7 million, all compared to the prior year period.

AMC/WE tv/IFC

First quarter 2008 net revenues of the combined national services grew 12.8% to $178.5 million, AOCF decreased 2.0% to $74.2 million and operating income was essentially flat at $57.9 million, each compared to the prior year period.

The first quarter 2008 AOCF results reflect:

-- A 22.2% increase in advertising revenue, as compared to the prior year period, driven principally by higher units sold at AMC and WE tv

-- Viewing subscriber increases of 11.2% at IFC, 5.8% at WE tv and 1.8% at AMC, all compared to March 2007

-- A 7.4% increase in affiliate revenue compared to the prior year period

-- A 26.3% increase in operating costs, as compared to the prior year period, due primarily to increased marketing costs at AMC and WE tv

Other Programming

First quarter 2008 net revenues rose 29.3% to $52.9 million, AOCF deficit improved 27.8% to $23.5 million and operating loss declined 31.5% to $30.2 million, all as compared to the prior year period. The increase in net revenue and improvement in both AOCF and operating loss were driven primarily by VOOM HD's higher affiliate revenue, partially offset by increased operating costs compared to the prior year period.

Madison Square Garden

Madison Square Garden's primary businesses include: regional and national programming networks (MSG Network, MSG Plus, and Fuse), professional sports franchises (New York Knicks, the New York Rangers, and the New York Liberty), and MSG Entertainment. Its operations also include the MSG Arena, the WaMu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and the Chicago Theatre. Beginning in the first quarter of 2008, the results for Fuse have been moved from the Rainbow segment to the Madison Square Garden segment for all periods presented.

Madison Square Garden's first quarter 2008 net revenue grew 7.0% to $265.1 million, AOCF decreased $18.1 million to a deficit of $2.5 million and operating loss increased $15.2 million to $19.7 million all compared to first quarter 2007.

MSG's first quarter 2008 results, as compared with first quarter 2007, were primarily impacted by:

-- The networks, including a $10.5 million increase in affiliate fee revenue which more than offset a $2.6 million decrease in other revenues and $5.9 million of higher operating costs

-- The entertainment business, as revenue from entertainment events and the costs related to those events increased $9.3 million and $13.7 million, respectively

-- The professional teams, including $4.0 million of higher net provisions for certain team personnel transactions and $6.7 million of higher other team operating expenses

-- Higher legal and other professional fees of $4.7 million

Other Matters

On May 6, 2008, Rainbow Media Holdings entered into an agreement to acquire Sundance Channel L.L.C. ("Sundance") from General Electric Company, CBS Corporation, and entities controlled by Robert Redford. Under the terms of the transaction, the total consideration of $496 million will be paid through a tax-free exchange of approximately 12.7 million shares of common stock of General Electric Company held by Rainbow Media Holdings, with a cash adjustment at closing based upon the value of the General Electric Company shares in relation to the total purchase price. Under the transaction structure, General Electric Company will receive all of the General Electric Company shares and the CBS and Redford entities will receive cash in exchange for their interests. In connection with the exchange of the General Electric Company shares, Cablevision will repay the monetization debt and settle the related equity derivative contracts associated with such shares. Consummation of the transaction is subject to customary closing conditions.

Non-GAAP Financial Measures

We define adjusted operating cash flow ("AOCF"), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization (including impairments), excluding share-based compensation expense or benefit and restructuring charges or credits. Because it is based upon operating income (loss), AOCF also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the distortive effects of fluctuating stock prices in the case of stock appreciation rights and, in the case of restricted shares and stock options, the settlement of an obligation that is not expected to be made in cash.

We present AOCF as a measure of our ability to service our debt and make continuing investments, including in our capital infrastructure. We believe AOCF is an appropriate measure for evaluating the operating performance of our business segments and the company on a consolidated basis. AOCF and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use net revenue and AOCF measures as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since AOCF is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of AOCF to operating income (loss), please see page 5 of this release.

We define Consolidated Free Cash Flow from Continuing Operations, ("Free Cash Flow"), which is a non-GAAP financial measure, as net cash from operating activities (continuing operations) less capital expenditures (continuing operations), both of which are reported in our Consolidated Statement of Cash Flows. Net cash from operating activities excludes net cash from operating activities of our discontinued operations. We believe the most comparable GAAP financial measure of our liquidity is net cash from operating activities. We believe that Free Cash Flow is useful as an indicator of our overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment and other discretionary and non-discretionary cash uses. It is also one of several indicators of our ability to make investments and/or return capital to our shareholders. We also believe that Free Cash Flow is one of several benchmarks used by analysts and investors who follow our industry for comparison of our liquidity with other companies in our industry, although our measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies.

COMPANY DESCRIPTION

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 New York's famed Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre and owns and operates Clearview Cinemas. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com.

This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the company and its business, operations, financial condition and the industry in which it operates and the factors described in the company's filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The company disclaims any obligation to update any forward-looking statements contained herein.

Cablevision's Web site: www.cablevision.com
The conference call will be Webcast live today at 10:00 a.m. EST
Conference call dial-in number is (973) 582-2734/ Conference ID Number
 44725704
Conference call replay number (706) 645-9291/ Conference ID Number
 44725704 until May 15, 2008

                   CABLEVISION SYSTEMS CORPORATION
      CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION
            (Dollars in thousands, except per share data)
                             (Unaudited)

                                                 Three Months Ended
                                                      March 31,
                                               -----------------------
                                                  2008 (a)    2007 (a)
                                               ----------- -----------

Revenues, net                                  $1,720,692  $1,562,633
                                               ----------- -----------

Adjusted operating cash flow                   $  515,946  $  473,732
  Share-based compensation expense                 (9,023)    (17,637)
  Restructuring charges                              (390)     (1,329)
                                               ----------- -----------
Operating income before depreciation and
 amortization                                     506,533     454,766
 Depreciation and amortization (including
  impairments)                                    260,992     284,448
                                               ----------- -----------
Operating income                                  245,541     170,318
Other income (expense):
  Interest expense, net                          (207,004)   (230,209)
  Equity in net income of affiliates                    -       1,776
  Gain (loss) on investments, net                  21,616     (72,985)
  Gain (loss) on derivative contracts, net       (104,910)     65,119
  Minority interests                               (2,905)        714
  Miscellaneous, net                                1,166         659
                                               ----------- -----------
Loss from continuing operations before income
 taxes                                            (46,496)    (64,608)
  Income tax benefit                               15,363      31,178
                                               ----------- -----------
Loss from continuing operations                   (31,133)    (33,430)
Income (loss) from discontinued operations,
 net of taxes                                        (473)      7,597
                                               ----------- -----------
Loss before cumulative effect of a change in
 accounting principle                             (31,606)    (25,833)
Cumulative effect of a change in accounting
 principle, net of taxes                                -        (443)
                                               ----------- -----------
Net loss                                       $  (31,606) $  (26,276)
                                               =========== ===========

Basic and diluted net loss per share:

 Loss from continuing operations               $    (0.11) $    (0.12)
                                               =========== ===========

 Income (loss) from discontinued operations    $        -  $     0.03
                                               =========== ===========

 Cumulative effect of a change in accounting
  principle, net of taxes                      $        -  $        -
                                               =========== ===========

 Net loss                                      $    (0.11) $    (0.09)
                                               =========== ===========

 Weighted average common shares (in thousands)    289,950     284,971
                                               =========== ===========

(a) Operating results of FSN Bay Area and Rainbow DBS' distribution
 operations are included in discontinued operations for all periods
 presented as applicable.

                   CABLEVISION SYSTEMS CORPORATION
  CONDENSED CONSOLIDATED OPERATIONS DATA AND RECONCILIATION (Cont'd)
            (Dollars in thousands, except per share data)
                             (Unaudited)

       ADJUSTMENTS TO RECONCILE ADJUSTED OPERATING CASH FLOW TO
                       OPERATING INCOME (LOSS)
----------------------------------------------------------------------

The following is a description of the adjustments to operating income
 (loss) in arriving at adjusted operating cash flow included in this
 earnings release:
-- Depreciation and amortization (including impairments). This
 adjustment eliminates depreciation and amortization and impairments
 of long-lived assets in all periods.

-- Restructuring credits (charges). This adjustment eliminates the
 charges or credits associated with restructuring activities related
 to the elimination of positions, facility realignment, and other
 related activities in all periods.

-- Share-based compensation benefit (expense). This adjustment
 eliminates the compensation benefit (expense) relating to stock
 options, stock appreciation rights, restricted stock and restricted
 stock units granted under our employee stock plans and non-employee
 director plans in all periods.
----------------------------------------------------------------------

                                                  Three Months Ended
                                                       March 31,
                                                 ---------------------
                                                   2008 (a)   2007 (a)
                                                 ---------- ----------
CONSOLIDATED FREE CASH FLOW FROM CONTINUING
 OPERATIONS (b)
------------------------------------------------

  Net cash provided by operating activities (c)  $ 261,344  $ 221,973
  Less: capital expenditures (d)                  (193,460)  (156,294)
                                                 ---------- ----------
  Consolidated free cash flow from continuing
   operations                                    $  67,884  $  65,679
                                                 ========== ==========

(a) Excludes the net operating results of FSN Bay Area and Rainbow DBS
 (distribution operations) which are reported in discontinued
 operations. Discontinued operations provided a total of $0.5 million
 and $12.7 million in cash for the three months ended March 31, 2008
 and 2007, respectively.

(b) See non-GAAP financial measures on page 4 of this release for a
 definition and discussion of Free Cash Flow.

(c) The level of net cash provided by operating activities will
 continue to depend on a number of variables in addition to our
 operating performance, including the amount and timing of our
 interest payments and other working capital items.
(d) See page 10 of this release for additional details relating to
 capital expenditures.

                   CABLEVISION SYSTEMS CORPORATION
           CONSOLIDATED RESULTS FROM CONTINUING OPERATIONS
                        (Dollars in thousands)
                             (Unaudited)

REVENUES, NET
----------------------------------------------------------------------

                                        Three Months Ended
                                             March 31,
                                      -----------------------
                                                                 %
                                         2008 (a)    2007 (a)  Change
                                      ----------- ----------- --------

Cable Television                      $1,214,378  $1,099,281    10.5%
Optimum Lightpath                         59,445      52,967    12.2%
Eliminations (b)                         (11,943)    (10,942)   (9.1)%
                                      ----------- -----------
   Total Telecommunications            1,261,880   1,141,306    10.6%
                                      ----------- -----------
AMC/WE tv/IFC                            178,530     158,307    12.8%
Other Programming (c) (d)                 52,919      40,930    29.3%
Eliminations (b)                          (6,299)     (4,732)  (33.1)%
                                      ----------- -----------
   Total Rainbow                         225,150     194,505    15.8%
                                      ----------- -----------
MSG(d)                                   265,079     247,824     7.0%
Other (e)                                 17,009      16,497     3.1%
Eliminations (f)                         (48,426)    (37,499)  (29.1)%
                                      ----------- -----------
   Total Cablevision                  $1,720,692  $1,562,633    10.1%
                                      =========== ===========

ADJUSTED OPERATING CASH FLOW AND OPERATING INCOME (LOSS)
----------------------------------------------------------------------

               Adjusted Operating            Operating Income
                    Cash Flow                     (Loss)
               -------------------          -------------------
               Three Months Ended           Three Months Ended
                    March 31,         %          March 31,        %
               -------------------          -------------------
                2008 (a)  2007 (a)  Change   2008 (a)  2007 (a) Change
               --------- --------- -------- --------- --------- ------

Cable
 Television    $467,723  $414,065    13.0%  $258,675  $190,946   35.5%
Optimum
 Lightpath       18,203    14,532    25.3%    (1,425)   (5,457)  73.9%
               --------- ---------          --------- ---------
Total Tele-
 communications 485,926   428,597    13.4%   257,250   185,489   38.7%
               --------- ---------          --------- ---------
AMC/WE tv/IFC    74,212    75,707    (2.0)%   57,853    57,640    0.4%
Other
 Programming
 (c) (d)        (23,503)  (32,575)   27.8%   (30,157)  (44,028)  31.5%
               --------- ---------          --------- ---------
  Total Rainbow  50,709    43,132    17.6%    27,696    13,612  103.5%
               --------- ---------          --------- ---------
MSG (d)          (2,526)   15,559  (116.2)%  (19,733)   (4,566)     -
Other (g)       (18,163)  (13,556)  (34.0)%  (19,672)  (24,217)  18.8%
               --------- ---------          --------- ---------
  Total
   Cablevision $515,946  $473,732     8.9%  $245,541  $170,318   44.2%
               ========= =========          ========= =========

(a) Operating results of FSN Bay Area and Rainbow DBS' distribution
 operations are included in discontinued operations for all periods
 presented as applicable.

(b) Represents intra-segment revenues.

(c) Includes News 12 Networks, VOOM HD Networks, Lifeskool,
 sportskool, IFC Entertainment, Rainbow Network Communications,
 Rainbow Advertising Sales Corp. and other Rainbow businesses.

(d) Fuse has been included in the MSG segment for all periods
 presented.

(e) Represents net revenues of Clearview Cinemas and PVI Virtual
 Media.

(f) Represents inter-segment revenues.

(g) Includes unallocated corporate general and administrative costs,
 operating results of Clearview Cinemas, PVI Virtual Media, and
 certain other items.

                   CABLEVISION SYSTEMS CORPORATION
                   SUMMARY OF OPERATING STATISTICS
                             (Unaudited)

                                      March 31, December 31, March 31,
CABLE TELEVISION                        2008        2007       2007
------------------------------------- --------- ------------ ---------

Revenue Generating Units
(in thousands)
  Basic Video Customers                  3,125        3,123     3,139
  iO Digital Video Customers             2,669        2,628     2,511
  Optimum Online High-Speed Data
   Customers                             2,343        2,282     2,118
  Optimum Voice Customers                1,685        1,592     1,318
  Residential Telephone Customers            -            -         2
                                      --------- ------------ ---------
Total Revenue Generating Units           9,822        9,625     9,088
                                      ========= ============ =========

Customer Relationships (in thousands)
 (a)                                     3,327        3,317     3,318

----------------------------------------------------------------------

Homes Passed (in thousands)              4,687        4,679     4,589

Penetration
  Basic Video to Homes Passed             66.7%        66.8%     68.4%
  iO Digital to Basic Penetration         85.4%        84.1%     80.0%
  Optimum Online to Homes Passed          50.0%        48.8%     46.1%
  Optimum Voice to Homes Passed           36.0%        34.0%     28.7%

----------------------------------------------------------------------

Revenue for the three months ended
(dollars in millions)

  Video (b)                           $    735  $       703  $    682
  High-Speed Data                          270          262       244
  Voice                                    160          147       121
  Advertising                               24           33        26
  Other (c)                                 25           27        26
                                      --------- ------------ ---------
  Total Cable Television Revenue      $  1,214  $     1,172  $  1,099
                                      ========= ============ =========

Average Monthly Revenue per Basic
 Video Customer ("RPS") (d)           $ 129.56  $    125.10  $ 116.95

(a) Number of customers who receive at least one of the company's
 services, including business modem only customers.

(b) Includes analog, digital, PPV, VOD and DVR revenue.

(c) Includes installation revenue, NY Interconnect, home shopping and
 other product offerings.

(d) RPS is calculated by dividing average monthly cable television
 GAAP revenue for the quarter by the average number of basic video
 subscribers for the quarter.

                                      March 31, December 31, March 31,
RAINBOW                                 2008        2007       2007
------------------------------------- --------- ------------ ---------

Viewing Subscribers
(in thousands)
  AMC                                    84,600       84,400    83,100
  WE tv                                  56,900       57,200    53,800
  IFC                                    45,500       44,600    40,900
  VOOM HD                                 2,500        2,100       600

                   CABLEVISION SYSTEMS CORPORATION
                     CAPITALIZATION AND LEVERAGE
                        (Dollars in thousands)
                             (Unaudited)

CAPITALIZATION
-------------------------------------------------------

                                                        March 31, 2008
                                                        --------------

Cash and cash equivalents                               $      399,106
                                                        ==============

Bank debt                                               $    4,861,250
Senior notes and debentures                                  5,495,434
Senior subordinated notes and debentures                       323,374
Collateralized indebtedness                                    854,282
Capital lease obligations and notes payable                     63,627
                                                        --------------
  Debt                                                  $   11,597,967
                                                        ==============

LEVERAGE
------------------------------------------------------

Debt                                                   $    11,597,967
Less: Collateralized indebtedness of unrestricted
 subsidiaries (a)                                              854,282
      Cash and cash equivalents                                399,106
                                                       ---------------
  Net debt                                             $    10,344,579
                                                       ===============

                                                       Leverage Ratios
                                                       ---------------
Consolidated net debt to AOCF leverage ratio (a) (b)         4.7

Restricted Group leverage ratio (Bank Test) (c)              4.3

CSC Holdings notes and debentures leverage ratio (c)         4.3

Cablevision senior notes leverage ratio (d)                  5.1

Rainbow National Services notes leverage ratio (e)           3.4

(a) Collateralized indebtedness is excluded from the leverage
 calculation because it is viewed as a forward sale of the stock of
 unaffiliated companies and the company's only obligation at maturity
 is to deliver, at its option, the stock or its cash equivalent.

(b) AOCF is annualized based on the first quarter 2008 results, as
 reported, except with respect to Madison Square Garden, which is
 based on a trailing 12 months due to its seasonal nature.

(c) Reflects the debt to cash flow ratios applicable under CSC
 Holdings' bank credit agreement and senior notes indentures, (which
 exclude Cablevision's $1.5 billion of senior notes and the debt and
 cash flows related to CSC Holdings' unrestricted subsidiaries,
 including Rainbow and MSG). The annualized AOCF (as defined) used in
 the ratios is $1.9 billion.

(d) Adjusts the debt to cash flow ratio as calculated under the CSC
 Holdings notes and debentures leverage ratio to include Cablevision's
 $1.5 billion of senior notes.

(e) Reflects the debt to cash flow ratio under the Rainbow National
 Services notes indentures. The annualized AOCF (as defined) used in
 the notes ratio is $331.0 million.

                   CABLEVISION SYSTEMS CORPORATION
                         CAPITAL EXPENDITURES
                        (Dollars in thousands)
                             (Unaudited)

                                                    Three Months Ended
                                                        March 31,
                                                    ------------------
                                                      2008      2007
                                                    --------- --------
CAPITAL EXPENDITURES
---------------------------------------------------

Consumer premise equipment                          $ 112,572 $107,293
Scalable infrastructure                                26,218   18,378
Line extensions                                         7,645    7,657
Upgrade/rebuild                                         1,319      640
Support                                                10,724    5,764
                                                    --------- --------
  Total Cable Television                              158,478  139,732
Optimum Lightpath                                      17,098   12,190
                                                    --------- --------
  Total Telecommunications                            175,576  151,922
Rainbow                                                 5,429    1,992
MSG                                                     8,282      857
Other (Corporate, Theatres and PVI)                     4,173    1,523
                                                    --------- --------
  Total Cablevision                                 $ 193,460 $156,294
                                                    ========= ========

SOURCE: Cablevision Systems Corporation

Cablevision Systems Corporation
Media and Community Relations
Charles Schueler, 516-803-1013
Senior Vice President
or
Investor Relations
Patricia Armstrong, 516-803-2270
Senior Vice President

Tribune Co. will get $612 million and retain 3 percent of the company. Cablevision will also pay $18 million in rent on Tribune Co. property, including Newsday's headquarters and printing plant, the Tribune reported.

Tribune Co. will continue to own these properties, the report said.

News Corp. withdrew an offer of $580 million on Saturday, the day before the Cablevision deal was announced.

www.upi.com