News Release

Verizon Wireless Acquires Radio Spectrum To Meet Consumer Demand In 50 U.S. Markets

Closes $750 Million Transaction With Northcoast Communications LLC For PCS Licenses In Large Sections of East Coast and Midwest

May 22, 2003

Brian Wood
Brian.Wood@VerizonWireless.com
908-306-7901Kim Kerns
Cablevision Systems Corporation
516-803-2351

BEDMINSTER, NJ — Verizon Wireless, the nation's largest wireless service provider, today announced it has completed the acquisition of 50 PCS licenses and related network assets from Northcoast Communications LLC, for approximately $750 million in cash. The proceeds, net of payments to the FCC, will be distributed to Northcoast's partners, which are comprised of Northcoast PCS and a subsidiary of Cablevision Systems Corporation (NYSE: CVC). Cablevision's portion of the proceeds will be used to reduce the company's debt.

The licenses provide the company with additional growth capacity over large portions of the East Coast and Midwest, including such major markets as New York, Boston, Minneapolis, MN, Columbus, OH, Providence, RI, Rochester, NY and Hartford, CT. The company said it would use the new spectrum to meet the continued strong demand from consumer and business customers for its wireless voice and data services over the next several years.

The two companies signed the original purchase agreement for this transaction on December 19, 2002. Verizon Wireless said the Northcoast licenses are highly attractive because they overlap some of its most densely populated service areas, enabling the company to more efficiently deploy capital to provide network capacity to match growth in customer demand.

Total population (POPS) covered by the 10 MHz licenses is approximately 47.4 million. They cover a portion of Ohio; a portion of New York State including New York City; the states of Connecticut, Rhode Island and Massachusetts; and portions of Maine, Minnesota (including Minneapolis), New Hampshire, Vermont, Pennsylvania, West Virginia and Kentucky. [See the table below for a complete list of all 50 markets.]

In the past three years Verizon Wireless has continued to expand and improve its nationwide wireless voice and data network, while at the same time acquiring radio spectrum and/or wireless operations from 20 companies, expanding its operating territory into 75 new markets.

     

    MARKET

    STATE

    Hartford

    CT

    New Haven-Waterbury-Meriden

    CT

    New London-Norwich

    CT

    Rockford

    IL

    Lexington

    KY

    Boston

    MA

    Hyannis

    MA

    Pittsfield

    MA

    Springfield-Holyoke

    MA

    Worcester-Fitchburgh-Leominster

    MA

    Bangor

    ME

    Lewiston-Auburn

    ME

    Portland-Brunswick

    ME

    Waterville — Augusta

    ME

    Kalamazoo

    MI

    Minneapolis-St. Paul

    MN

    Keene

    NH

    Binghamton

    NY

    Glens Falls

    NY

    New York

    NY

    Poughkeepsie-Kingston

    NY

    Rochester

    NY

    Syracuse

    NY

    Ashtabula

    OH

    Athens

    OH

    Canton — New Philadelphia

    OH

    Chillicothe

    OH

    Columbus

    OH

    East Liverpool-Salem

    OH

    Findlay-Tiffin

    OH

    Mansfield

    OH

    Marion

    OH

    Portsmouth

    OH

    Sandusky

    OH

    Steubenville, Weirton

    OH, WV

    Toledo

    OH

    Youngstown-Warren

    OH

    Zanesville-Cambridge

    OH

    Allentown-Bethlehem-Easton

    PA

    Meadville

    PA

    New Castle

    PA

    Scranton —Wilkes-Barre — Hazlet

    PA

    Stroudsburg

    PA

    Williamsport

    PA

    Providence-Pawtucket, New Bedford

    RI, MA

    Bluefield

    WV

    Huntington, Ashland

    WV, KY

    Clarksburg-Elkins

    WV

    Wheeling

    WV

    Wenatchaee

    WA

About Verizon Wireless
Verizon Wireless is the nation's leading provider of wireless communications. The company has the largest nationwide wireless voice and data network and 33.3 million customers. Headquartered in Bedminster, NJ, Verizon Wireless is a joint venture of Verizon Communications (NYSE:VZ) and Vodafone (NYSE and LSE: VOD). Find more information on the Web at www.verizonwireless.com.

About Cablevision Systems Corporation
Cablevision is one of the nation's leading entertainment, media and telecommunications companies. In addition to its broadband, cable, Internet and telephone offerings, the company owns and operates Rainbow Media Holdings, Inc. and its networks; Madison Square Garden and its teams; and, Clearview Cinemas. In addition, Cablevision operates New York's famed Radio City Music Hall. Additional information about Cablevision Systems Corporation is available on the Web at www.cablevision.com.

####