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Rainbow Media Group Announces Film Licensing Agreement with Metro-Goldwyn-Mayer

Business Editors

JERICHO, N.Y.--(BUSINESS WIRE)--Aug. 13, 2003--

New License Agreements Add More Than 450 Motion Pictures; Expanding Programming Offerings for AMC, IFC and WE: Women's Entertainment

Films To Also Be Used in Future SVOD Programming Initiatives

Rainbow Media Holdings, Inc. announced today new licensing agreements encompassing more than 450 feature films from Metro-Goldwyn-Mayer Inc. (NYSE: MGM). Rainbow will receive the films from MGM with various windows of exhibition on its national services, including AMC, IFC (The Independent Film Channel) and WE: Women's Entertainment.

Rainbow's agreement covers a large and impressive collection of motion pictures that are exceptionally well suited to air on its targeted film-based services - AMC, IFC and WE: Women's Entertainment. In addition, there are specific rights included for SVOD exhibition of the films on the Rainbow services in the burgeoning video-on-demand market that digital cable subscribers are embracing in growing numbers. The licensing terms begin in 2004 and continue through 2020.

"This exceptional library of MGM films will greatly enhance the programming on three of our networks, delivering on the long-term commitment we have to provide the best in high-quality motion picture entertainment for our viewers," stated Rainbow president and chief executive officer Joshua Sapan. "Moreover, as we look at the future of television and the growing popularity of on demand services, we have strengthened our programming position through this agreement and opened additional opportunities for future SVOD (subscription video-on-demand) services."

"The MGM agreement is of significant scope for Rainbow and unprecedented breadth for the three networks - AMC, IFC and WE: Women's Entertainment," added Kathleen Dore, Rainbow's president, Entertainment Services, which incorporates AMC, IFC and WE. "Following the recent consolidation in Rainbow's national services division - the addition of the MGM licenses is one example of how our networks can work together to create exceptional programming options."

Among the movies that will be covered by these licensing agreements are: -0-

    --  Annie Hall                        --  Platoon
    --  Birdcage                          --  Raging Bull
    --  Dirty Rotten Scoundrels           --  The Silence of the Lambs
    --  Fargo                             --  Some Like it Hot
    --  Four Weddings and A Funeral       --  Ronin
    --  Legally Blonde                    --  The Rocky series
    --  Midnight Cowboy                   --  The Terminator
    --  Mystic Pizza                      --  Thelma and Louise
    --  Of Mice and Men                   --  The Usual Suspects

"IFC is proud to represent and further the creative spirit of the independent film community," added Ed Carroll, executive vice president and general manager for IFC. "With the recently completed MGM exhibition agreements, we will add some truly great motion picture titles that stand as sign posts in the history of independent film."

David Sehring, senior vice president, Acquisitions for AMC commented, "The quality and quantity of the MGM film packages will be lighting up the screens for millions of AMC and WE: Women's Entertainment fans, for many years to come - we are delighted to have this opportunity to reach such an important stage in the history of our Rainbow networks."

About Rainbow Media Holdings, Inc.

Rainbow Media Holdings, Inc., which manages national and regional cable networks, is 100% owned and operated by Cablevision. A leader in sports, news and entertainment programming, Rainbow Media Holdings, Inc. is a subsidiary of Cablevision Systems Corporation (NYSE:CVC). Rainbow owns and manages national networks: AMC, IFC (The Independent Film Channel), WE: Women's Entertainment and Fuse, as well as Mag Rack, a collection of on-demand video magazines. Rainbow's other businesses include its regional programming services -- MetroChannels, News 12 Networks and Rainbow Sports Networks -- as well as the Rainbow Advertising Sales Corporation and Rainbow Network Communications. Rainbow is a 50 percent partner in Fox Sports Net.

    CONTACT: Rainbow Media Holdings, Inc.
             Dan Scheffey,              or
             Sloane & Company
             Whit Clay, 

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