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

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.

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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.

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