Comcast to Acquire Cablevision’s Rainbow Media Interest in FSN Bay Area and FSN New England

Cablevision
Systems Corporation and Comcast Corporation announced that Comcast will
purchase from Cablevision’s programming subsidiary, Rainbow Media Holdings LLC,
its 60 percent interest in FSN Bay Area and its 50 percent interest in FSN New
England for $570 million in cash.

Upon
completion of the FSN transactions, Comcast will own 100 percent of FSN New
England and 60 percent of FSN Bay Area, with the remaining 40 percent still
owned by an affiliate of News Corporation. Comcast will operate both networks
and completion of these two transactions is subject to certain closing
conditions.

For
Comcast, the transactions add to its growing regional sports programming
operations. The sale of FSN Bay Area and FSN New England allows a divestiture
by Cablevision of its only remaining regional sports programming assets located
outside of the

New York
market.

“FSN Bay
Area and
New England are excellent operating
businesses and fit strategically into Comcast’s portfolio of sports networks.
By growing RSNs in markets where Comcast has existing operations, we have a
unique opportunity to reinforce our brand image and capitalize on our local
presence,” said Jeff Shell, President of Comcast Programming Group.

“We have
been honored to have operated FSN New England and FSN Bay Area since their
inception and are confident that Comcast will only build on our record of
excellence for sports viewers in these two important markets,” said Josh Sapan,
President and Chief Executive Officer of Rainbow Media Holdings.