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MOODY'S PLACES RAINBOW NATIONAL SERVICES ON REVIEW FOR POSSIBLE UPGRADE
DUE TO CABLEVISION'S ANNOUNCEMENT TO EXIT ITS SATELLITE BUSINESS
Approximately $1.8 billion in debt instruments rated.

New York, January 21, 2005 -- Moody's Investors Service placed the ratings of Rainbow National Services LLC ("Rainbow") on review for possible upgrade following Cablevision Systems Corporation's announcement that Rainbow DBS will sell its Rainbow 1 direct broadcast satellite and certain other related assets to a subsidiary of EchoStar for $200 million in cash. Moody's views Rainbow Media's strategy (Rainbow National's parent) to exit the satellite business as a credit positive for the company given that Rainbow Media planned to fund the DBS segment's development with Rainbow National's cash flow.

The review will focus on Moody's assessment of: (1) the increasing uncertainty regarding Rainbow's long term business and financial strategy following the exit from the satellite business; (2) the improvement to credit metrics as Rainbow National will no longer be funding the large capital expenditures necessary to develop the DBS segment; (3) the costs associated with closing down the operations of VOOM; (3) the likelihood that VOOM will remain a cash drain to Rainbow Media over the near term as the company services its existing customers; and (4) the potential for the parent company to continue to utilize Rainbow National as the funding vehicle for other speculative investments.

The following ratings are under review for possible upgrade:

(1) B1 rating on the $350 million senior secured revolving credit facility,

(2) B1 rating on the $600 million senior secured Term Loan B,

(3) B3 rating on the $300 million of senior unsecured notes due 2012,

(4) Caa1 rating on the $500 million of senior subordinated notes due 2014,

(5) B2 senior implied rating, and

(6) B3 senior unsecured issuer rating.

Rainbow National Services LLC, headquartered in Jericho, NY, supplies television programming to cable television and direct broadcast service providers throughout the United States. The company operates three entertainment programming networks, American Movie Classics (AMC), WE: Women's Entertainment (WE), and The Independent Film Channel (IFC).


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