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

Closes $750 Million Transaction With Northcoast Communications LLC For PCS Licenses In Large Sections of East Coast and Midwest

BEDMINSTER, N.J., May 23 /Wi-Fi Technology News/ -- 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.


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.


Source: Verizon Wireless

CONTACT: Brian Wood, Verizon Wireless, +1-908-705-2600,
mailto:Brian.Wood@VerizonWireless.com; Kim Kerns, Cablevision Systems Corporation,
+1-516-803-2351


Web sites: http://www.verizonwireless.com/
http://www.cablevision.com/