New York, October 11, 2006 — Shearman & Sterling LLP is representing Merrill Lynch, Pierce, Fenner & Smith Inc. and Bear, Stearns & Co. Inc. as financial advisors to the Dolan family in their proposal to take Cablevision private.  The firm is also representing Merrill Lynch and Bear Stearns as lead arrangers in connection with financing for the proposal, which is expected to include a combination of bank debt and debt securities.  The transaction is valued at approximately $7.9 billion and implies an enterprise value of approximately $19.2 billion.  The proposal, which was sent by Charles F. Dolan and James L. Dolan to the board of directors of Cablevision systems Corp. on October 9, offers public shareholders of the company $27.00 per share in cash.  The Dolan family currently owns approximately 22.5% of Cablevision’s common stock and represents 74% of the voting power. 

Cablevision is one of the nation’s leading media, entertainment and telecommunications companies.  In addition to offering high-speed Internet and digital telephone services to consumers, Cablevision owns Madison Square Garden, the New York Knicks and the New York Rangers. 

Principal attorneys include partners Christa D’Alimonte (NY-MA), Robert Evans (NY-CM), and Michael Zinder (NY-FG) and associates Michael Benjamin (NY-CM), Benjamin Cheng (NY-FG) and Jim Elworth (NY-MA).