[February 28, 2012]

Cablevision Systems Corporation Reports Fourth Quarter and Full Year 2011 Results

Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the fourth quarter and full year ended December 31, 2011.

Fourth quarter consolidated net revenues grew 7.3% to $1.691 billion, consolidated adjusted operating cash flow ("AOCF")¹ grew 21.0% to $626.2 million and consolidated operating income grew 28.3% to $346.2 million, all compared to the prior year period. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2011 and 2010. Excluding these items, consolidated net revenues, AOCF and operating income would have increased 1.0%, 0.8% and 3.6%, respectively, all compared to the prior year period.

For full year 2011, consolidated net revenues increased 8.5% to $6.701 billion, consolidated AOCF grew 8.1% to $2.295 billion and consolidated operating income grew 3.6% to $1.229 billion, all compared to 2010. Footnote 2 on page 4 of this release details certain items affecting the comparability of our results for 2011 and 2010. Excluding these items, net revenue would have grown 1.2%, consolidated AOCF would have been essentially flat and operating income would have increased 2.1%, compared to the prior full year period.

Operating highlights for the fourth quarter and full year 2011 include:

• Combined Average Monthly Revenue per Basic Video Customer ("RPS") of $154.10 in the fourth quarter of 2011 (including Bresnan), up $2.39 or 1.6% in quarter.
• High-Speed Data and Voice customer additions of 20,300 and 30,500, respectively, in the fourth quarter of 2011.
• Year to date Consolidated Free Cash Flow from Continuing Operations¹ of $582.9 million.

Cablevision President and CEO James L. Dolan commented: "2011 was an important year for Cablevision as it marked the culmination of several multi-year initiatives to enhance shareholder value. Those efforts have included spinning off MSG and AMC, completing the Bresnan acquisition, paying quarterly cash dividends, and actively conducting a share buyback program. For the fourth quarter, despite modest video subscriber losses, our cable operations continued to report improved subscriber metrics in both high-speed data and voice customers. The company also generated healthy free cash flow. We remain confident in the strength of our underlying business and in our ability to deliver industry-leading products. Looking ahead, we will continue to improve on those offerings while we remain focused on enhancing shareholder returns and building the company for the long term," concluded Mr. Dolan.

See notes on page 4.

Telecommunications Services - Cable Television and Lightpath

Telecommunications Services includes Cable Television - Cablevision's 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 the fourth quarter 2011 rose 8.3% to $1.580 billion, AOCF increased 17.2% to $672.1 million and operating income increased 21.0% to $427.2 million, all compared to the prior year period. Excluding the impact of the items highlighted in the chart on page 4 of this release, revenue growth would have increased 1.5%, AOCF would have decreased 1.1% and operating income would have increased 2.3%, compared to the prior year period.

Full year 2011 net revenues rose 9.5% to $6.280 billion, AOCF increased 7.0% to $2.496 billion, and operating income increased 3.2% to $1.521 billion, all as compared to the prior year period. Excluding the impact of the items highlighted in the chart on page 4 of this release, revenue would have grown 1.7% while AOCF would have been essentially flat and operating income would have increased 2.0%, compared to the prior year period.

Cable Television

Cable Television fourth quarter 2011 net revenues increased 8.3% to $1.506 billion, AOCF increased 16.8% to $635.7 million and operating income increased 19.0% to $411.0 million, all compared to the prior year period. The increase in revenue compared to the prior year period was due primarily to the addition of Bresnan in the results for the fourth quarter 2011. Excluding the impact of the items highlighted on page 4, revenue would have increased 1.2%, AOCF would have decreased 1.8% and operating income would have increased 1.1%, all compared to the prior year period. Fourth quarter 2011 AOCF results reflect the revenue growth, combined with higher expenses, primarily programming costs, compared to the prior year period.

The following table illustrates the change in the Cable Television customer base during the fourth quarter of 2011:

Optimum Lightpath

For fourth quarter 2011, Lightpath net revenues increased 9.6% to $79.1 million, AOCF increased 24.3% to $36.5 million and operating income increased 106.3% to $16.1 million, each as compared to the prior year period. The improved results were driven primarily by a 12.7% increase in revenue from Ethernet services, offset in part by higher operating expenses to support the increase in Ethernet installations. Excluding certain items referenced in the chart on page 4, AOCF and operating income would have grown 12.1% and 54.6%, respectively.

See notes on page 4.

Other

Other primarily consists of Newsday, News 12 Networks, MSG Varsity, Clearview Cinemas, Cablevision Media Sales Corporation (formerly Rainbow Advertising Sales Corporation ("RASCO")) and unallocated corporate general and administrative costs.

Fourth quarter 2011 net revenues decreased 5.5% to $116.9 million, AOCF deficit improved by 18.3% to a deficit of $45.9 million and operating loss improved 2.7% to a loss of $80.9 million all compared to the prior year period. Revenue was mainly impacted by the continued decline of advertising revenues at Newsday. Excluding the impact of certain items highlighted in the chart on page 4, revenue would have decreased 5.4% while the AOCF deficit and operating loss would have improved 19.3% and 2.3%, respectively. Improvement in AOCF deficit was due primarily to lower corporate costs offset by Newsday.

Full year 2011 net revenues decreased 4.7% to $443.9 million, AOCF deficit improved 3.3% to a deficit of $201.4 million and operating loss increased 1.5% to a loss of $292.0 million. Excluding the impact of certain items highlighted in the chart on page 4, revenue would have decreased 4.6%, AOCF would have improved 3.6% and operating loss would have increased 1.5%.

Other Matters

RETURN OF CAPITAL

During the fourth quarter of 2011, Cablevision repurchased approximately 4.6 million shares of its Class A common stock for approximately $67.4 million.

On February 22, 2012, the Board of Directors of Cablevision declared a quarterly dividend of $0.15 per share on each outstanding share of both its Cablevision NY Group Class A Stock and its Cablevision NY Group Class B Stock. This quarterly dividend is payable on March 30, 2012 to shareholders of record at the close of business on March 9, 2012.

See notes on page 4.

NOTES:

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, restricted stock units and stock options, the expense associated with an award 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 revenues 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 6 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.

In addition, in the chart on page 4, the Company has provided details of certain items affecting the comparability of Revenue, net, AOCF and operating income for the three months and year ended December 31, 2011 to that of the comparable periods in 2010. Management believes that this additional information, like AOCF representing non-GAAP financial measures, will assist analysts, investors and others in evaluating the Company's performance.

COMPANY DESCRIPTION

Cablevision Systems Corporation is one of the nation's leading media and telecommunications companies. In addition to delivering its Optimum-branded cable, Internet, and voice offerings throughout the New York area, the company owns and operates cable systems serving homes in four Western states. Cablevision's local media properties include News 12 Networks, MSG Varsity and Newsday Media Group. Cablevision also owns and operates Clearview Cinemas. Additional information about Cablevision 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 industries 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 Website: www.cablevision.com

The conference call will be webcast live today at 10:00 a.m. ET

Conference call dial-in number is (888) 694-4641/ Conference ID Number 41236255/ Conference call replay number (855) 859-2056/ Conference ID Number 41236255 until March 6, 2012

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 credit (expense). This adjustment eliminates the expense or credit associated with restructuring activities related to the elimination of positions, facility realignment, asset impairments 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.

Note: Total voice lines for Cable Television and Lightpath at 12/31/11 were 3,028.

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