Cablevision acquires

Cablevision Systems Corporation and
Bresnan Communications, which is majority owned by Providence Equity Partners,
today announced a definitive agreement under which a newly-formed subsidiary of
Cablevision will acquire Bresnan in a transaction valued at $1.365 billion.
Bresnan is the nation’s thirteenth largest MSO with cable operating systems in Colorado, Montana, Wyoming and Utah
that pass more than 630,000 homes and serve more than 300,000 basic

Cablevision President and CEO James
L. Dolan said: “We believe the acquisition of Bresnan is an excellent
opportunity to leverage Cablevision’s strong management team and build
shareholder value. Bill Bresnan was a cable legend and was close to so many in the
industry, including the Dolan family. The Bresnan team has built an impressive
cable business that performs well financially, and we look forward to working
to enhance those systems further.”

Cablevision’s Chief Operating Officer
Tom Rutledge will oversee the Bresnan properties. Mr. Rutledge commented:
“Bresnan is a well-managed company that has invested wisely in its operations
and has pursued a strategy which is aligned and quite similar to Cablevision’s.
We look forward to building on Bresnan’s record by pursuing among other things:
broader deployment of digital voice; the addition of more high-definition
television offerings; the expansion of our groundbreaking Triple Play offer;
and, the rollout of new services that have already shown great promise.”

“Since the early days of our
industry, the Bresnan name has stood for exceptional performance and an
unflinching commitment to customers, colleagues and community,” said
Jeffrey S. DeMond, Bresnan’s President and CEO. “I could not be more proud
of our team’s accomplishments, nor more appreciative of the support of our
great partners. Bill Bresnan would have agreed, and I speak for the entire
family of Bresnan employees in expressing our confidence that Bresnan will
enjoy continued success as part of the Cablevision family of companies.”

“We have thoroughly enjoyed
our successful partnership with the exceptional team at Bresnan Communications
over the past seven years,” said Michael Dominguez, a Managing Director at
Providence Equity Partners, the majority equity holder of Bresnan. “We are
proud of the franchise they have built and market leading operational
performance they consistently demonstrated. We believe Cablevision shares the
same commitment to operational excellence and that Bresnan will continue to
thrive under their ownership.”


Upon completion of the Bresnan
transaction, Cablevision will gain advanced cable systems serving more than
300,000 basic subscribers through the delivery of high-quality services,
including digital television, high-speed Internet and voice, across an upgraded
fiber-optic coaxial network. For Bresnan, the transaction highlights its success
in developing this market-leading telecommunications company.

Financially, Cablevision expects
that Bresnan will be acquired by a newly-formed, unrestricted subsidiary of
Cablevision with standalone financing. The subsidiary is expected to be
financed using non-recourse debt of approximately $1 billion and an equity
investment by Cablevision of less than $400 million.

BofA Merrill Lynch and Citi have
provided commitments for debt financing for this transaction.

The completion of this transaction,
which the company expects to happen in late 2010 or early 2011, is subject to
certain customary closing conditions, including regulatory approval.

Citi acted as lead financial
advisor to Cablevision. BofA Merrill Lynch and Guggenheim Securities, LLC also
provided financial advice to Cablevision. Sullivan & Cromwell LLP acted as
legal counsel to Cablevision. For Providence
and Bresnan, UBS Investment Bank and Credit Suisse Group served as financial
advisors and Weil, Gotshal & Manges LLP and Holland & Hart LLP served
as legal advisors.

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