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Executives

Patricia Armstrong – Senior VP Investor Relations

James Dolan – President and CEO

Hank Ratner – Vice Chairman

Tom Rutledge – COO

Michael Huseby – Executive VP and CFO

Joshua Sapan – President and CEO of Rainbow Media Holdings LLC’s

Analysts

David Litner for Jessica Reif-Cohen – Merrill Lynch

Ingrid Chung – Goldman Sachs

Benjamin Swinburne – Morgan Stanley

John Kornreich – Sandler Capital Management

Jeff Wlodarczak – Wachovia Securities

Rich Greenfield – Pali Capital

Bryan Goldberg – Bear Stearns

Megan Durgan for Doug Mitchelson – Deutsche Bank Securities

Cablevision Systems Corp. (CVC) Q4 2007 Earnings Call February 28, 2008 10:00 AM ET

Operator

My name’s Andre, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Cablevision Fourth Quarter Earnings Conference Call. At this point, all lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there’ll be a question-and-answer period. (Operator Instructions) Thank you. It is now my pleasure to turn the floor over to your host, Pat Armstrong, Senior Vice President of Investor Relations. Ma’am, you may begin your conference.

Patricia Armstrong

Thank you. Good morning and welcome to Cablevision’s Fourth Quarter and Full Year 2007 Earnings Conference Call. Joining us this morning are members of the Cablevision Executive Team, including: Jim Dolan, President and CEO; Hank Ratner, Vice Chairman; Tom Rutledge, Chief Operating Officer, Mike Husesby, Chief Financial Officer; Josh Sapan, President and CEO of Rainbow of Media; and John Bickham, President of Cable & Communications.

Following a discussion of the Company’s fourth quarter and full year 2007 results, we will open the call for questions. If you don’t have a copy of today’s Earnings Release, it is available on our website at Cablevision.com.

Please take note of the following: This discussion includes statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees that future performance will result and involve risks and uncertainties that could actual results to differ. Please refer to the Company’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties. The Company disclaims any obligation to update the forward-looking statements that may be discussed during this call. Let me point out that on Page 5 of today’s earnings release, we provide consolidated operations data and a reconciliation of adjusted operating cash flow or AOCF to operating income.

I’d now like to introduce Jim Dolan, President and CEO of Cablevision.

James Dolan

Good morning.

I’m pleased to share with you today some of our highlights for 2007. This past year was a strong year for Cablevision as evidenced by the results from all three of our major business segments. The Company’s cable operations continue to experience impressive annual RGU growth with a gain of 798,000 units, a 9% increase for the year. This was driven by strong subscriber increases in our digital video, data and voice services, all of which continue to gain market share.

For 2007, Cablevision’s high-speed Internet service entered the year with a penetration rate of 49% of homes past. Our digital television penetration rate climbed to 84% of our base of customers; and today, Optimum Voice is the phone service of choice in one out of every three homes we pass, which has led to an industry leading penetration of 34%. In fact, we continue to have industry-leading penetration across all of our telecommunication product categories.

Also in 2007 at Madison Square Garden, we added the Chicago Theater to our line of world class venues and invests highlighted included the 75th Anniversary celebration of Radio City Christmas Spectacular and the new production created by Cirtasola [sic] specifically for the WaMu Theater at the Garden.

On the programming front, two years after embarking on the ambitious rebranding, MSG Network was rewarded with 50-New York Emmy nominations. In addition, our News 12 Networks earned an unprecedented 73 New York Emmy nominations. Rainbow Media’s AMC also attracted critical claim and good ratings with its recent debuts of two original series Mad Men and Breaking Bad. All of Rainbow’s national networks continue to see advertising revenues rise.

The success of each of our major business segments helped drive Cablevision’s 2007 consolidated revenue to nearly $6.5 billion, an 11% improvement over 2006, which AOCF grew nearly 17% to $2.1 billion. For the fourth quarter, Cablevision’s consolidated revenue grew nearly 11% to more than $1.8 billion, and AOCF increased more than 20% to $610 million, both compared to the prior year period.

In summary, despite increased competition, we have witnessed the strong appeal of our products and services throughout the year and we are happy with the results for 2007. I want to congratulate our talented Operating Team to their dedication that insured another successful year for Cablevision.

Now I’d like to turn the call over to Tom Rutledge, our Chief Operating Officer, who will discuss the results of our Telecommunications segment.

Tom Rutledge

Thank you, Jim, and good morning. Our Cable company produced strong results in the fourth quarter of 2007, generating revenue growth of 8.6% over the prior year period and AOCF growth of 13.3%. For the full year, revenue increased 11.6% and AOCF rose 9.6%. This growth resulted from healthy increases in our average revenue per subscriber. In the fourth quarter, we gained 208,000 RGUs and revenue per subscriber increased by $4.19. For the full year, we gained 798,000 RGUs while revenue per subscriber increased just under $10 or 8.5%.

Our RPS increase is largely driven by RGU growth, but it is also impacted by growth from products and services not included in the standard RGU definition. We’ve enjoyed growth in such products as DVRs; World Call, our international voice service; Boost, our high-speed data service and more.

At December 31, 2007, we had more than 1 million units generating incremental revenue; but for historic reasons, they’re not included in the RGU category. Cable Television capital spending totaled $143 million for the fourth quarter and $613 million for the full year. Full year capital spending for the cable operations was lower than prior year spending by $165 million, primarily due to lower consumer premises equipment and the 2006 investment to increase high-speed data speeds.

Let me now address the performance of each of our services. We added 1,155 basic video subscribers in the fourth quarter. For the full year, video growth was essentially flat with a loss of one-tenth of 1%; and we added 43,000 digital video customers in the fourth quarter, bringing digital video penetration to 84% of basic customers at year-end. With 2.6 million of our customers who joined our full complimented digital services, we have a great platform for introducing new digital services as well as transitioning the analog services to digital with little disruption.

Our high definition offering continues to improve with 45 HD channels free to our HD customer-base. We ended the year with more than 1 million high-definition customers, almost 40% of our digital subscriber-base. Unlike any of our competitors, we also offer high-definition video-on-demand.

Our high-speed Internet service gained 63,000 customers in the fourth quarter, which is higher growth than we had experienced in the second and third quarters of this year. At the end of December, our Optimal Online customers totaled 2.3 million with a penetration to homes passed of 49%. Our high-speed data penetration to customers, video customers, reached 73%. We continue to see strong demand for our Optimum Online service which added more than 101,000 customers in the fourth quarter and 382,000 new voice customers for the year.

Optimum Voice increased its penetration to homes passed by 7.5 percentage points ending the year with a penetration of homes passed 34%. Optimum Voice as a percentage of basic video customers ended the year at 51%. Consistent with much of the past year in the fourth quarter, over 60% of new sales subscribed to a three-product package. On the business front, we recently began offering small-and medium-sized businesses across our service area up to 12 lines of Optimum Voice service. This combined with our premium calling features makes our business offering the most compelling best value in our service area.

Optimum Lightpath had a strong fourth quarter with revenue increasing 8.6% and AOCF increasing by 35.5% versus the 2006 fourth quarter. For the full year, Lightpath generated 9.7% of AOCF on a small increase in revenue of 2.3%. However, buildings on network have grown by 24% in the past year totaling almost 2,600 at the year end. As a result, we continue to see impressive Ethernet revenue increases; in the fourth quarter, an increase of almost 80% as compared to 2006.

Although we were operating in a competitive environment, we continue to gain market share in just about every product category. In the past year, we’ve launched 12 new Wi-Fi community zones throughout our footprint introduced caller ID on TV, added 23 new HD channels, offered residential multi-line voice services and continued improvements in customer service.

I’d now like to turn the call over to Josh Sapan who will discuss Rainbow’s results.

Joshua Sapan

Thank you, Tom. For the fourth quarter, revenue at our national programming networks, AMC, WE TV and IFC increased 12% to $179 million, while AOCF for the quarter was $80 million, a decrease of 5% as compared to the prior year. These results reflect a 15% increase in quarterly advertising revenue and a 10% increase in affiliate revenue. The increased ad revenue is a result of higher overall cash sellout rates at AMC and WE TV and increased sponsorship sales at IFC.

The quarterly decline in AOCF of 5% was expected and primarily resulted from increased film licenses and original programming expense and the marketing costs associated with the promotion of that original programming.

For the full year 2007, the AMC, WE TV and IFC combined revenue increased 11% to $669 million and AOCF rose 14% to $308 million.

A few highlights for the year 2007 included: ad revenue growth of about 16% for the year, affiliate revenue growth of approximately 8% for the year, increase is in viewing subscribers of 7% for AMC, WE TV and IFC combined and industry recognition for AMC’s original mini series, Broken Trail, which won four Emmys and for AMC’s original series, Mad Men, with two Golden Globes for Best Actor and Best Dramatic Series. As we continue our investment in original programming, we look forward to the success of something called “Breaking Bad,” it’s AMC’s new original series, as well the second season of Mad Men.

Turning now to Rainbow’s other programming businesses which primarily include the VOOM HD Networks, News 12, IFC Entertainment, Fuse and our VOD services, fourth quarter net revenues for this group increased 20% to $70 million and the AOCF deficit improved from $38 million to $30 million. The revenue increase was primarily attributable to VOOM HD. The AOCF deficit improved because of the higher VOOM HD revenue partially offset by higher operating costs at fuse, ICF Entertainment and our VOD services. For the year 2007, revenue increased 20% to $247 million and the AOCF deficit improved $18 million to a $125 million for this group.

I’d now like to turn it over to Hank Ratner who will discuss the results from Madison Square Garden.

Hank Ratner

Thank you, Josh. Turning first to operating results, MSG had a strong 2007 as revenue increased 11% to $950 million and AOCF more than doubled to a $147 million. For the fourth quarter, MSG’s revenues increased 18% to $402 million and AOCF improved by 62% to $87 million, both compared to the fourth quarter of 2006. These fourth quarter results were principally driven by increased revenue from our entertainment business as well as the impact of certain personnel-related transactions in 2006. This was partially offset by higher expenses in 2007 related primarily to entertainment events and facilities’ operations.

Highlights for the fourth quarter included a very successful eight-week run of Radio City Christmas Spectacular, which featured many enhancements including new scenes, costumes and innovative uses of our full stage LED spring, which led to the highest revenues in the show’s long history .The show also aired nationally on NBC for the first time and was watched by over 6.5 million viewing households. In November, MSG Entertainment Premier Wintuk, which was designed for our WaMu Theater at Madison Square Garden, it was the first Circue du Soleil family show ever produced and was nearly a sellout. Over 450,000 people came to see the show compared to roughly 150,000 people who came to see Annie in the same theater in 2006. MSG Entertainment also hosted several sold-out concerts in the fourth quarter including Bruce Springsteen, Jimmy Buffett, Stevie Wonder, Andrea Bocelli and The Police.

Consistent with our growth strategy, we purchased the historic Chicago Theater and expanded our reach into another key market. For MSG Media, coming off a year where we reprogrammed MSG into a sports and entertainment network, our strategy, as Jim mentioned, was already validated with 50 New York Emmy nominations, including several for our new entertinament programming. The 50 nominations were the most in the network’s history, the most of any network in the New York market and about three times as many as our main competitors.

On March 10th, we will rename and relaunch Fox Sports New York into MSG Plus. It will expand our strength of the MSG brand with a greater focus on sports in a local market. We also target a younger age group which will bring in new advertisers and be much more robust extension of our core programming.

The 2007/2008 season, the Rangers had a 97% subscriber renewal rate and are playing well as we move towards the Stanley Cup Playoffs. The Knicks had a 91% season subscriber rate, the highest since in 2001, and the club continues to rank second in the NBA in gate receipts.

To expand our offerings to customers looking for VIP experiences at the Garden, we also created new revenue streams. We added many new high-end amenities, including four lower level suites that are just a few rows from center court as well additional front row seating for our team events, which have already sold out.

I’d now like to turn the call over to our CFO, Mike Huseby to address the Company’s financial position.

Michael Huseby

Thank you, Hank. Beginning with leverage and liquidity, Cablevision ended 2007 with consolidated net debt of $10.4 billion. At December 31, our consolidated net debt to cash flow ratio was 4.6 times. The CSC Holdings Restricted Group leverage ratio was 4.2 times and the Rainbow National Services leverage ratio under its bond leverage test was 3.4 times. Each of these leverage ratios were well within their established covenant limits.

Recently S&P upgraded $5.5 billion of CSC Holdings Senior Secure notes and debt to BBB- and removed all ratings from credit watch. In addition, Mooody’s upgraded the corporate family ratings and respective debt ratings one notch for both Cablevision and Rainbow National Services with a stable outlook.

In 2007, the Company generated free cash flow from continuing operations of $158 million as compared with $41 million in 2006, also as adjusted to exclude the 2006 effects of the divested regional sports networks.

Capital spending for the total Company was $781 million as compared to $886 million in the prior year. The consolidated cash position at December 31 was $361 million. We reduced our debt in 2007 using available cash to redeem $175 million of R&S senior subordinated bonds and also by repaying (inaudible) of CSC Holdings senior notes in December.

As we enter 2008, we will continue to monitor these volatile credit markets for opportunities to improve our financial flexibility and reduce our average cost of debt.

Finally, consistent with the Company’s focus on longer term performance, we’re not providing 2008 annual outlook information.

Operator, we would now like to open the call for questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Our first questions comes from Jessica Reif-Cohen of Merrill Lynch; please go ahead.

David Litner for Jessica Reif-Cohen – Merrill Lynch

Hi. This is David Litner on for Jessica. We heard that you purchased a Chicago music theater. We want to know kind of what the thought process is here. Are you making any other investments in the music venue or in the music industry; and if so, why?

Hank Ratner

We purchased the Chicago Theater and we feel that there’s a paradigm shift in the music industry where live events are becoming far more important than the artists and we’re going to look to grow our entertainment business as we have Radio City and the WaMu Theater. We required the Beacon the year before and the Chicago Theater this year. So if there are good opportunities out there, we’re going to be interested in looking at them.

Operator

Thank you. Our next question comes from Ingrid Chung of Goldman Sachs; please go ahead.

Ingrid Chung – Goldman Sachs

Good morning. I think on the last call, you mentioned that there were about 900,000 Verizon FiOS homes marketed. Could you refresh on or update us on what that number is, and do you feel that Verizon has shifted their focus away from the Cablevision territories? Then secondly, what are your intentions around Rainbow? There’re rumors of a possible sale. Does it still make sense to have distribution and content together. Thank you.

Tom Rutledge

The first part of your question regarding how much marketable territory Verizon FiOS has, at the end of December, they had 986,000 passings that they were able to legally market video services to and 1.2 million passings that they had constructed. Of those 986,000 marketable video passings, 821,000 of those came on in the year 2007. So while they’ve been building since 2004, and in 2007 they built approximately 270,000 passings, they were able to activate and sell 820,000. They were constructed in prior periods.

Ingrid Chung – Goldman Sachs

So do you feel that at least in the last quarter that the build-out has slowed? I mean I guess if you were at 890 in the last quarter, at 986 in this past quarter, it seems that the pace has slowed a bit.

Tom Rutledge

They built 350,000 passings in 2006 and 269,000 in 2007.

Ingrid Chung – Goldman Sachs

Great. On Rainbow?

Joshua Sapan

With Rainbow, we don’t really comment on the speculation in the marketplace. We feel strongly about our programming services are doing very well, particularly this year with the new programming that they’ve added, so we think they still work really well.

Ingrid Chung – Goldman Sachs

Great. Thank you.

Operator

Thank you. Our next question comes from Benjamin Swinburne of Morgan Stanley, please go ahead.

Benjamin Swinburne – Morgan Stanley

Thanks guys. Tom, question for you on the SME rollout. I think you talked about and you guys announced a multi-line MTA that is being deployed. First, where is the SME business in your financials; is that in cable or in Lightpath or maybe a combination of both? Are you seeing competitive response from Verizon or any other CLECs in the market on pricing in this marketplace and any maybe market share numbers you could share with us either historicals or targets? Then a question for Josh: The advertising growth in ’07 was particularly strong, part of which driven by ratings, but obviously you’re getting very nice pricing growth. Any commentary on what ’08 looks like? Obviously there’s a lot of economic weakness out there, but it seems like national ad spend has been particularly strong. Just curious on your thoughts on how this is trending into 2008.

Tom Rutledge

Well to the first part of your question, SME meaning Small, Medium Enterprise Business Services, we have that broken out into two places. The relative small business universe, 12 lines and less now, are being served by the Cable company and we do not specifically break out those services from the Cable lines. But the potential there is about 600,000 businesses. In the larger enterprise area, those business services are in Lightpath. The larger businesses enterprise opportunity is about $2.3 billion and at our pricing it’s about $1.7 billion, and you can see what our revenues are as a percentage of that. So that’s our revenue share. So there’s a significant opportunity there in both the small business opportunity area and the large business area and that’s how it’s broken out.

Joshua Sapan

On the advertising side, advertisers are responding extremely well to what we’ve done at AMC and on the sponsorship side at IFC. Our delivery to our target demos is up significantly on AMC, and they’ve responded particularly well to our original programming on AMC, notably Mad Men and with the recent introduction of Breaking Bad and we have seen significant price increases. So we look forward to an excellent upfront and a strong 2008.

Benjamin Swinburne – Morgan Stanley

Thank you, guys.

Operator

Thank you. Our next question comes from John Kornreich of Sandler Capital; please go ahead.

John Kornreich – Sandler Capital Management

The Company’s becoming, I think, more and more less vocal about the business. Two years ago you were making public presentations about it and now before the question, there was no comment at all. I mean can you give us an idea, have you reached pretty full staffing now on this business? When could it become a meaningful contributor to revenue, i.e., at least $100 million? Just a little more color on that. For Josh, I’m sorry I didn’t catch the annual ad revenue increase and affiliate fee increase percentage-wise for the year and how does that break out; is that basically two-thirds affiliate fee, one-third advertising? Thank you.

Tom Rutledge

John, was your question about small business and cable?

John Kornreich – Sandler Capital Management

Yes, SME cable.

Tom Rutledge

Yeah, we don’t break it out and so I’m not going to now.

Joshua Sapan

The ad revenue growth was 16% for the year, affiliate revenue growth 8% for the year.

John Kornreich – Sandler Capital Management

Eight for affiliate, 16 for ads, right?

Joshua Sapan

Right.

John Kornreich – Sandler Capital Management

Is that basically two-thirds, one-third?

Joshua Sapan

In terms of revenue mix?

John Kornreich – Sandler Capital Management

Yeah.

Joshua Sapan

It’s different by channel.

John Kornreich – Sandler Capital Management

In total?

Joshua Sapan

On a blended basis, I’d have to do the math to capture all three. John…

John Kornreich – Sandler Capital Management

There’s a lot more affiliate fee, right?

Joshua Sapan

There’s more affiliate fee across all three, yes.

John Kornreich – Sandler Capital Management

Last question maybe for Mike: Could ’08 be where that $130 million of “other programming bleeds” starts to come down meaningful?

Michael Huseby

John, we’re not going to give guidance on ’08, which we said at the beginning, so I’m not going to speculate on specific businesses and what they’re going to do in ’08.

John Kornreich – Sandler Capital Management

Thank you.

Operator

Thank you. Our next question comes from Jeff Wlodarczak, Wachovia Securities; please go ahead.

Albert for Jeff Wlodarczak – Wachovia Securities

Thank you. This is actually Albert on for Jeff. How important is DOCSIS 3.0 for Cablevision and when realistically are you guys going to roll that out, and how concerned are you about giving consumers such a high speed that it could foster competition over the Internet? Thanks.

Tom Rutledge

DOCSIS 3.0, I don’t think will actually be commercially deployable to at least the end of this year, but there are interim steps between where we are now and DOCSIS 3.0. So if we want to go up to higher speeds before the end of the year, we’re capable of doing it. In terms of competition, I’m not particularly worried about that. I think ultimately you have to give your customers a service that satisfies their needs and you have to do that in a competitive environment. I think that if you think about the programming business and you look at the revenue stream, those programmers of significance have a dual revenue stream, a subscription fee and an advertising revenue stream. When you put product on the Internet, you get a single fee, potentially an advertising fee. So I don’t think you’re going to even with higher speeds, your wholesale migration of copyrighted material moving on to the Internet and so I think you will see speeds come up.

Albert for Jeff Wlodarczak – Wachovia Securities

Thank you.

Operator

Thank you. Our next question comes from Rich Greenfield, Pali Capital; please go ahead.

Rich Greenfield – Pali Capital

Hi, a couple questions: 1) Could you just comment on what the actual cost of the Chicago Theater investment is? 2) Verizon’s negotiating for a franchise for New York City, just wanted to get your sense if you had any idea of timing of where that stood, especially with your existing franchise up for renewal in New York City as well. Then looking at cap ex, you were down double digits in 2007. I know you don’t want to give specific ’08 guidance, but over the next few years, is there anything out there that you see that should cause that trend of downward cap ex to change notably. Then a big picture question for Jim: What do you want to do with leverage? Leverage is coming down, do you plan to use cash to fund share buybacks, dividends or buy other businesses? How do you think about the use of the cash? Thanks.

Michael Huseby

Rich, it’s Mike Huseby. On your first question on the cost of the Chicago Theater, I don’t think we’ve disclosed the precise cost. But if you look at the Earnings Release we put out today on Page 11, you can see a breakdown of cap ex for MSG and you can see it’s increased about $20 million over last year in the fourth quarter and most of that was attributable to the cost of the Chicago Theater.

Tom Rutledge

With regard to Verizon in New York City, I don’t know what the status of their negotiations is, but I don’t think it’ll have any impact on our franchise. Renewal, as you probably know, we’ve never not had a franchise renewal in the history of our Company and there is a presumption of renewal built into the law already and we have followed the law with regard to franchising. In regard to cap ex, we have said in the past that the mix of cap ex would change on our RGUs going forward as we’ve been spending a lot of money on digital boxes in prior periods that we would not have (inaudible), but we will not give specific guidance going forward.

James Dolan

Well everybody’s gone to gamut. We study the use of cash. I think that what we’ve heard from our shareholders is they have a lot of confidence in the Company and in the management of the Company and we extend that to mean to us that they want us to continue to grow the value of the Company, so that means growth. So we will be focusing our attention primarily on that, but I wouldn’t rule out any of the other ideas that you mentioned. But management for the moment is focused on growth and on growth strategies.

Tom Rutledge

I think we’ll take two more questions.

Operator

Thank you. Your next question comes from Bryan Goldberg with Bear Stearns; please go ahead.

Bryan Goldberg – Bear Stearns

Thanks. Just two quick questions: Your cable television EBITDA margin was up a little bit in the fourth quarter. The first three quarters of this year, it looks like margins had compressed. I’m just wondering what the dynamic was in the fourth quarter to see a reversal of that trend. On the basic subs, a quarter or two ago you mentioned you were seeing some non-pay disconnect activity I believe in your New York City systems, I’m just wondering if that, if we can get an update on that trend, if that has abated or not.

Tom Rutledge

With regard non-pays, we’ve seen some improvement in non-pays in recent months. With regard to margins, I mean they move around historically, and I don’t think there’s a significant trend to report to you that would change your perception of our business.

Bryan Goldberg – Bear Stearns

Thank you.

Operator

Thank you. Our final question comes from Doug Mitchelson of Deutsche Bank; please go ahead.

Megan Durgan for Doug Mitchelson – Deutsche Bank Securities

Given that you rolled out and switched to digital video fully, what has been the capacity that you added through this deployment?

Tom Rutledge

You mean in terms of channels.

Megan Durgan for Doug Mitchelson – Deutsche Bank Securities

Yes. Well and any whatever, capacity that you want to talk about.

Tom Rutledge

Switch digital, switch video right now is serving our entire foreign language subscriber-base, which is approximately 70 channels, so all of the subscribers to that service get their video through a switched video network. What the switch video service allows us to do is essentially create an unlimited capacity based on our network architecture to serve customers with video products. We have talked about adding additional high definition product as the market needs and the company dictate and switch video will allow us to do that along with other analog recapture techniques. So we’re very comfortable with our mix of very high digital penetration and our ability to shift analog services to all digital broadcast services and combined with switched digital technology to meet all of the potential video needs that we can envision without having to upgrade our plant infrastructure.

Megan Durgan for Doug Mitchelson – Deutsche Bank Securities

Thank you.

Patricia Armstrong

Thank you for joining this morning. This conference call will be available on Cablevision’s website and on Streetevents.com through March 6th. Bye.

Operator

Thank you. This concludes today’s Cablevision Fourth Quarter Earnings Conference Call. You may now disconnect and have a great day.

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