Cablevision Board of Directors Approves Rainbow Spin-off

Following the exploration of a possible spin-off of its Rainbow Media Holdings LLC business, Cablevision Systems Corporation CVC today announced that its board of directors has authorized the company's management to move forward with the leveraged spin-off of Rainbow Media to Cablevision's stockholders. The spin-off would be structured as a tax-free pro rata distribution to stockholders and is expected to be completed by mid-year 2011, subject to necessary approvals.