10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.
1-14764	Cablevision Systems Corporation	11-3415180
	Delaware
	1111 Stewart Avenue
	Bethpage, New York  11714
	(516) 803-2300
1-9046	CSC Holdings, LLC	27-0726696
	Delaware
	1111 Stewart Avenue
	Bethpage, New York  11714
	(516) 803-2300

Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.

Cablevision Systems Corporation	Yes	ý	No	o
CSC Holdings, LLC	Yes	ý	No	o

Indicate by check mark whether the Registrants have submitted electronically and posted on their corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files). Yes   ý    No o

Indicate by check mark whether each Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company (as defined in Exchange Act Rule 12b-2).

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting Company

Cablevision Systems Corporation

Yes

ý

No

o

Yes

o

No

ý

Yes

o

No

ý

Yes

o

No

ý

CSC Holdings, LLC

Yes

o

No

ý

Yes

o

No

ý

Yes

ý

No

o

Yes

o

No

ý

Indicate by check mark whether the Registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

Cablevision Systems Corporation	Yes	o	No	ý
CSC Holdings, LLC	Yes	o	No	ý

Number of shares of common stock outstanding as of July 31, 2015:

Cablevision NY Group Class A Common Stock   -	222,336,884
Cablevision NY Group Class B Common Stock   -	54,137,673
CSC Holdings, LLC Interests of Member  -	17,631,479

CSC Holdings, LLC meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format applicable to CSC Holdings, LLC.

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

			Page
PART I.		FINANCIAL INFORMATION
	Item 1.	Financial Statements of Cablevision Systems Corporation and Subsidiaries
		Condensed Consolidated Balance Sheets - June 30, 2015 (unaudited) and December 31, 2014	2
		Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	4
		Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	5
		Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2015 and 2014 (unaudited)	6
		Financial Statements of CSC Holdings, LLC and Subsidiaries
		Condensed Consolidated Balance Sheets - June 30, 2015 (unaudited) and December 31, 2014	7
		Condensed Consolidated Statements of Income - Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	9
		Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 30, 2015 and 2014 (unaudited)	10
		Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2015 and 2014 (unaudited)	11
		Combined Notes to Condensed Consolidated Financial Statements (unaudited)	12
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
	Item 4.	Controls and Procedures	51
PART II.		OTHER INFORMATION
	Item 1.	Legal Proceedings	52
	Item 6.	Exhibits	52
	SIGNATURES		53

PART I. FINANCIAL INFORMATION

This Quarterly Report on Form 10-Q for the period ended June 30, 2015 is separately filed by Cablevision Systems Corporation ("Cablevision") and CSC Holdings, LLC ("CSC Holdings" and collectively with Cablevision, the "Company", "we", "us" or "our").

This Quarterly Report contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995.  In this Quarterly Report there are statements concerning our future operating results and future financial performance.  Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward looking statements.  Investors are cautioned that such forward looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward looking statements as a result of various factors.  Factors that may cause such differences to occur include, but are not limited to:

• the level of our revenues;

• competition for subscribers from existing competitors (such as telephone companies, direct broadcast satellite ("DBS") distributors, and Internet-based providers) and new competitors entering our franchise areas;

• demand for our video, high-speed data and voice services, which is impacted by competition from other services and changes in technology and consumer expectations and behavior;

• the level of our expenses, including the cost of programming;

• the level of our capital expenditures;

• changes in the laws or regulations under which we operate;

• general economic conditions in the areas in which we operate;

• the state of the market for debt securities and bank loans;

• demand for advertising in our newspapers along with subscriber and single copy outlet sales demand for our newspapers;

• market demand for new services;

• demand for advertising on our cable television systems;

• industry conditions;

• the outcome of litigation and other proceedings, including the matters described in Note 13 of the combined notes to our condensed consolidated financial statements;

• future acquisitions and dispositions of assets;

• the tax-free treatment of the MSG Distribution (whereby Cablevision distributed to its stockholders all of the outstanding common stock of The Madison Square Garden Company) and the AMC Networks Distribution (whereby Cablevision distributed to its stockholders all of the outstanding common stock of AMC Networks Inc);

• whether pending uncompleted transactions, if any, are completed on the terms and at the times set forth (if at all);

• other risks and uncertainties inherent in our cable and other telecommunications services businesses, our newspaper publishing business, and our other businesses;

• financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate; and

• the factors described in our filings with the Securities and Exchange Commission, including under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein.

We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws.

1

Item 1. Financial Statements

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
	June 30, 2015		December 31, 2014
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	796,565	$	850,413
Accounts receivable, trade (less allowance for doubtful accounts of $12,073 and $12,112)	286,057		277,526
Prepaid expenses and other current assets	166,466		140,094
Amounts due from affiliates	1,096		1,732
Deferred tax asset	—		37,943
Investment securities pledged as collateral	645,832		622,958
Derivative contracts	453		—
Total current assets	1,896,469		1,930,666
Property, plant and equipment, net of accumulated depreciation of $9,515,072 and $9,454,315	2,978,229		3,025,747
Investment securities pledged as collateral	645,832		622,958
Derivative contracts	30,361		7,317
Other assets	34,372		44,505
Amortizable intangible assets, net of accumulated amortization of $63,385 and $60,018	39,564		36,781
Indefinite-lived cable television franchises	731,848		731,848
Trademarks and other indefinite-lived intangible assets	7,250		7,250
Goodwill	264,690		264,690
Deferred financing costs, net of accumulated amortization of $67,208 and $58,651	83,454		93,409
	$	6,712,069	$	6,765,171

See accompanying combined notes to condensed consolidated financial statements.

2

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Cont'd) (In thousands, except share amounts) (Unaudited)
	June 30, 2015			December 31, 2014
	(Unaudited)
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable	$	424,083		$	431,761
Accrued liabilities	583,482			584,446
Amounts due to affiliates	30,514			29,651
Deferred tax liability	93,093			—
Deferred revenue	54,559			52,932
Liabilities under derivative contracts	36,495			93,010
Credit facility debt	59,813			61,849
Collateralized indebtedness	516,635			466,335
Capital lease obligations	19,252			17,216
Notes payable	17,500			12,968
Total current liabilities	1,835,426			1,750,168
Deferred revenue	5,174			4,701
Liabilities under derivative contracts	—			9,207
Other liabilities	239,792			287,367
Deferred tax liability	590,534			611,088
Credit facility debt	2,491,616			2,718,800
Collateralized indebtedness	610,906			519,848
Capital lease obligations	25,278			29,196
Notes payable	6,318			10,943
Senior notes and debentures	5,858,204			5,855,867
Total liabilities	11,663,248			11,797,185
Commitments and contingencies
Redeemable noncontrolling interests	8,248			8,676
Stockholders' Deficiency:
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued	—			—
CNYG Class A common stock, $.01 par value, 800,000,000 shares authorized, 303,704,862 and 300,342,849 shares issued and 222,311,934 and 220,219,935 shares outstanding	3,037			3,003
CNYG Class B common stock, $.01 par value, 320,000,000 shares authorized, 54,137,673 shares issued and outstanding	541			541
RMG Class A common stock, $.01 par value, 600,000,000 shares authorized, none issued	—			—
RMG Class B common stock, $.01 par value, 160,000,000 shares authorized, none issued	—			—
Paid-in capital	786,342			823,103
Accumulated deficit	(4,114,632		)	(4,234,860		)
	(3,324,712		)	(3,408,213		)
Treasury stock, at cost (81,392,928 and 80,122,914 CNYG Class A common shares)	(1,609,289		)	(1,591,021		)
Accumulated other comprehensive loss	(25,146		)	(42,235		)
Total stockholders' deficiency	(4,959,147		)	(5,041,469		)
Noncontrolling interest	(280		)	779
Total deficiency	(4,959,427		)	(5,040,690		)
	$	6,712,069		$	6,765,171

See accompanying combined notes to condensed consolidated financial statements.

3

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three and Six Months Ended June 30, 2015 and 2014 (In thousands, except per share amounts) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net (including revenues, net from affiliates of $1,605, $1,586, $2,796 and $2,910, respectively) (See Note 15)	$	1,653,393		$	1,628,137		$	3,268,164		$	3,203,723
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below and including net charges from affiliates of $44,426, $45,714, $89,363 and $91,782, respectively) (See Note 15)	805,596			788,317			1,601,484			1,561,300
Selling, general and administrative (including net charges from affiliates of $1,502, $1,014, $3,430 and $2,316, respectively) (See Note 15)	389,408			363,187			766,172			743,407
Restructuring expense (credits)	(4		)	(348		)	(536		)	667
Depreciation and amortization (including impairments)	213,929			221,088			432,829			435,373
	1,408,929			1,372,244			2,799,949			2,740,747
Operating income	244,464			255,893			468,215			462,976
Other income (expense):
Interest expense, net	(145,876		)	(143,135		)	(290,888		)	(284,017		)
Gain on investments, net	78,818			78,612			45,747			36,837
Gain (loss) on equity derivative contracts, net	(22,693		)	(32,613		)	23,473			6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	(7,687		)	(1,735		)	(8,298		)
Miscellaneous, net	1,307			1,806			2,314			2,537
	(90,179		)	(103,017		)	(221,089		)	(246,905		)
Income from continuing operations before income taxes	154,285			152,876			247,126			216,071
Income tax expense	(78,609		)	(61,848		)	(116,549		)	(34,909		)
Income from continuing operations, net of income taxes	75,676			91,028			130,577			181,162
Income (loss) from discontinued operations, net of income taxes	—			3,510			(10,502		)	3,076
Net income	75,676			94,538			120,075			184,238
Net loss (income) attributable to noncontrolling interests	(81		)	(328		)	153			(265		)
Net income attributable to Cablevision Systems Corporation stockholders	$	75,595		$	94,210		$	120,228		$	183,973
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes	$	0.28		$	0.34		$	0.49		$	0.69
Income (loss) from discontinued operations, net of income taxes	$	—		$	0.01		$	(0.04	)	$	0.01
Net income	$	0.28		$	0.36		$	0.45		$	0.70
Basic weighted average common shares (in thousands)	269,301			263,730			268,614			263,033
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes	$	0.27		$	0.34		$	0.48		$	0.67
Income (loss) from discontinued operations, net of income taxes	$	—		$	0.01		$	(0.04	)	$	0.01
Net income	$	0.27		$	0.35		$	0.44		$	0.68
Diluted weighted average common shares (in thousands)	275,228			269,260			274,802			268,729
Amounts attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations, net of income taxes	$	75,595		$	90,700		$	130,730		$	180,897
Income (loss) from discontinued operations, net of income taxes	—			3,510			(10,502		)	3,076
Net income	$	75,595		$	94,210		$	120,228		$	183,973
Cash dividends declared per share of common stock	$	0.15		$	0.15		$	0.30		$	0.30

See accompanying combined notes to condensed consolidated financial statements.

4

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three and Six Months Ended June 30, 2015 and 2014 (In thousands) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net income	$	75,676		$	94,538		$	120,075		$	184,238
Other comprehensive income (loss):
Defined benefit pension plans and postretirement plans:
Unrecognized actuarial gain (loss)	11,041			5,279			26,449			(5,298		)
Applicable income taxes	(4,526		)	(2,163		)	(10,843		)	2,170
Unrecognized income (loss) arising during period, net of income taxes	6,515			3,116			15,606			(3,128		)
Amortization of actuarial losses, net included in net periodic benefit cost	237			678			802			1,237
Applicable income taxes	(95		)	(278		)	(327		)	(507		)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes	142			400			475			730
Settlement loss included in net periodic benefit cost	755			1,482			1,709			3,328
Applicable income taxes	(310		)	(607		)	(701		)	(1,363		)
Settlement loss included in net periodic benefit cost, net of income taxes	445			875			1,008			1,965
Other comprehensive income (loss)	7,102			4,391			17,089			(433		)
Comprehensive income	82,778			98,929			137,164			183,805
Comprehensive loss (income) attributable to noncontrolling interests	(81		)	(328		)	153			(265		)
Comprehensive income attributable to Cablevision Systems Corporation stockholders	$	82,697		$	98,601		$	137,317		$	183,540

See accompanying combined notes to condensed consolidated financial statements.

5

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 and 2014 (In thousands) (Unaudited)
	2015			2014
Cash flows from operating activities:
Net income	$	120,075		$	184,238
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations, net of income taxes	10,502			(3,076		)
Depreciation and amortization (including impairments)	432,829			435,373
Gain on investments, net	(45,747		)	(36,837		)
Gain on equity derivative contracts, net	(23,473		)	(6,036		)
Loss on extinguishment of debt and write-off of deferred financing costs	1,735			8,298
Amortization of deferred financing costs and discounts on indebtedness	11,760			11,324
Share-based compensation expense related to equity classified awards	27,850			22,601
Settlement loss and amortization of actuarial losses related to pension and postretirement plans	2,511			4,565
Deferred income taxes	105,909			81,485
Provision for doubtful accounts	16,128			21,043
Excess tax benefit related to share-based awards	(4,323		)	(746		)
Changes in other assets and liabilities	(71,521		)	(14,754		)
Net cash provided by operating activities	584,235			707,478
Cash flows from investing activities:
Capital expenditures	(381,305		)	(425,193		)
Proceeds related to sale of equipment, including costs of disposal	3,219			3,209
Increase in other investments	(393		)	(616		)
Additions to other intangible assets	(7,032		)	(540		)
Net cash used in investing activities	(385,511		)	(423,140		)
Cash flows from financing activities:
Repayment of credit facility debt	(230,415		)	(759,861		)
Repayment of notes payable	(2,458		)	(2,306		)
Proceeds from issuance of senior notes	—			750,000
Repurchase of senior notes, including premiums and fees	—			(27,173		)
Proceeds from collateralized indebtedness	467,804			273,519
Repayment of collateralized indebtedness and related derivative contracts	(392,192		)	(226,250		)
Proceeds from stock option exercises	13,451			21,159
Dividend distributions to common stockholders	(84,669		)	(80,630		)
Principal payments on capital lease obligations	(9,028		)	(7,030		)
Deemed repurchases of restricted stock	(18,265		)	(6,608		)
Additions to deferred financing costs	—			(13,579		)
Distributions to noncontrolling interests, net	(901		)	(778		)
Excess tax benefit related to share-based awards	4,323			746
Net cash used in financing activities	(252,350		)	(78,791		)
Net increase (decrease) in cash and cash equivalents from continuing operations	(53,626		)	205,547
Cash flows of discontinued operations:
Net cash used in operating activities	(192		)	(786		)
Net cash used in investing activities	(30		)	(196		)
Net decrease in cash and cash equivalents from discontinued operations	(222		)	(982		)
Cash and cash equivalents at beginning of year	850,413			702,224
Cash and cash equivalents at end of period	$	796,565		$	906,789

See accompanying combined notes to condensed consolidated financial statements.

6

CSC HOLDINGS, LLC AND SUBSIDIARIES (a wholly-owned subsidiary of Cablevision Systems Corporation) CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
	June 30, 2015		December 31, 2014
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	756,387	$	813,396
Accounts receivable, trade (less allowance for doubtful accounts of $12,073 and $12,112)	286,057		277,526
Prepaid expenses and other current assets	163,980		131,891
Amounts due from affiliates	888		1,694
Investment securities pledged as collateral	645,832		622,958
Derivative contracts	453		—
Total current assets	1,853,597		1,847,465
Property, plant and equipment, net of accumulated depreciation of $9,515,072 and $9,454,315	2,978,229		3,025,747
Investment securities pledged as collateral	645,832		622,958
Derivative contracts	30,361		7,317
Other assets	34,372		44,505
Amortizable intangible assets, net of accumulated amortization of $63,385 and $60,018	39,564		36,781
Indefinite-lived cable television franchises	731,848		731,848
Trademarks and other indefinite-lived intangible assets	7,250		7,250
Goodwill	264,690		264,690
Deferred financing costs, net of accumulated amortization of $38,045 and $32,983	53,010		59,470
	$	6,638,753	$	6,648,031

See accompanying combined notes to condensed consolidated financial statements.

7

CSC HOLDINGS, LLC AND SUBSIDIARIES (a wholly-owned subsidiary of Cablevision Systems Corporation) CONDENSED CONSOLIDATED BALANCE SHEETS (Cont'd) (In thousands, except membership unit amounts)
	June 30, 2015			December 31, 2014
	(Unaudited)
LIABILITIES AND MEMBER DEFICIENCY
Current Liabilities:
Accounts payable	$	424,083		$	431,761
Accrued liabilities	524,998			525,774
Amounts due to affiliates	260,089			135,636
Deferred tax liability	160,378			105,285
Deferred revenue	54,559			52,932
Liabilities under derivative contracts	36,495			93,010
Credit facility debt	59,813			61,849
Collateralized indebtedness	516,635			466,335
Capital lease obligations	19,252			17,216
Notes payable	17,500			12,968
Total current liabilities	2,073,802			1,902,766
Deferred revenue	5,174			4,701
Liabilities under derivative contracts	—			9,207
Other liabilities	236,656			282,920
Deferred tax liability	607,111			626,367
Credit facility debt	2,491,616			2,718,800
Collateralized indebtedness	610,906			519,848
Capital lease obligations	25,278			29,196
Notes payable	6,318			10,943
Senior notes and debentures	3,063,578			3,062,126
Total liabilities	9,120,439			9,166,874
Commitments and contingencies
Redeemable noncontrolling interests	8,248			8,676
Member's Deficiency:
Accumulated deficit	(1,862,371		)	(2,024,065		)
Senior notes due from Cablevision	(611,455		)	(611,455		)
Other member's equity (17,631,479 membership units issued and outstanding)	9,318			149,457
	(2,464,508		)	(2,486,063		)
Accumulated other comprehensive loss	(25,146		)	(42,235		)
Total member's deficiency	(2,489,654		)	(2,528,298		)
Noncontrolling interest	(280		)	779
Total deficiency	(2,489,934		)	(2,527,519		)
	$	6,638,753		$	6,648,031

See accompanying combined notes to condensed consolidated financial statements.

8

CSC HOLDINGS, LLC AND SUBSIDIARIES (a wholly-owned subsidiary of Cablevision Systems Corporation) CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three and Six Months Ended June 30, 2015 and 2014 (In thousands) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net (including revenues, net from affiliates of $1,605, $1,586, $2,796 and $2,910, respectively) (See Note 15)	$	1,653,393		$	1,628,137		$	3,268,164		$	3,203,723
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below and including net charges from affiliates of $44,426, $45,714, $89,363 and $91,782, respectively) (See Note 15)	805,596			788,317			1,601,484			1,561,300
Selling, general and administrative (including net charges from affiliates of $1,502, $1,014, $3,430 and $2,316, respectively) (See Note 15)	389,408			363,187			766,172			743,407
Restructuring expense (credits)	(4		)	(348		)	(536		)	667
Depreciation and amortization (including impairments)	213,929			221,088			432,829			435,373
	1,408,929			1,372,244			2,799,949			2,740,747
Operating income	244,464			255,893			468,215			462,976
Other income (expense):
Interest expense	(90,339		)	(87,580		)	(179,891		)	(172,800		)
Interest income	12,175			12,117			24,352			24,202
Gain on investments, net	78,818			78,612			45,747			36,837
Gain (loss) on equity derivative contracts, net	(22,693		)	(32,613		)	23,473			6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	(7,687		)	(1,735		)	(7,687		)
Miscellaneous, net	1,307			1,806			2,314			2,537
	(22,467		)	(35,345		)	(85,740		)	(110,875		)
Income from continuing operations before income taxes	221,997			220,548			382,475			352,101
Income tax expense	(108,193		)	(91,227		)	(175,735		)	(93,025		)
Income from continuing operations, net of income taxes	113,804			129,321			206,740			259,076
Income (loss) from discontinued operations, net of income taxes	—			3,510			(10,502		)	3,076
Net income	113,804			132,831			196,238			262,152
Net loss (income) attributable to noncontrolling interests	(81		)	(328		)	153			(265		)
Net income attributable to CSC Holdings, LLC's sole member	$	113,723		$	132,503		$	196,391		$	261,887
Amounts attributable to CSC Holdings, LLC's sole member:
Income from continuing operations, net of income taxes	$	113,723		$	128,993		$	206,893		$	258,811
Income (loss) from discontinued operations, net of income taxes	—			3,510			(10,502		)	3,076
Net income	$	113,723		$	132,503		$	196,391		$	261,887

See accompanying combined notes to condensed consolidated financial statements.

9

CSC HOLDINGS, LLC AND SUBSIDIARIES (a wholly-owned subsidiary of Cablevision Systems Corporation) CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three and Six Months Ended June 30, 2015 and 2014 (In thousands) (Unaudited)
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net income	$	113,804		$	132,831		$	196,238		$	262,152
Other comprehensive income (loss):
Defined benefit pension plans and postretirement plans:
Unrecognized actuarial gain (loss)	11,041			5,279			26,449			(5,298		)
Applicable income taxes	(4,526		)	(2,163		)	(10,843		)	2,170
Unrecognized income (loss) arising during period, net of income taxes	6,515			3,116			15,606			(3,128		)
Amortization of actuarial losses, net included in net periodic benefit cost	237			678			802			1,237
Applicable income taxes	(95		)	(278		)	(327		)	(507		)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes	142			400			475			730
Settlement loss included in net periodic benefit cost	755			1,482			1,709			3,328
Applicable income taxes	(310		)	(607		)	(701		)	(1,363		)
Settlement loss included in net periodic benefit cost, net of income taxes	445			875			1,008			1,965
Other comprehensive income (loss)	7,102			4,391			17,089			(433		)
Comprehensive income	120,906			137,222			213,327			261,719
Comprehensive loss (income) attributable to noncontrolling interests	(81		)	(328		)	153			(265		)
Comprehensive income attributable to CSC Holdings, LLC's sole member	$	120,825		$	136,894		$	213,480		$	261,454

See accompanying combined notes to condensed consolidated financial statements.

10

CSC HOLDINGS, LLC AND SUBSIDIARIES (a wholly-owned subsidiary of Cablevision Systems Corporation) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 and 2014 (In thousands) (Unaudited)
	2015			2014
Cash flows from operating activities:
Net income	$	196,238		$	262,152
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations, net of income taxes	10,502			(3,076		)
Depreciation and amortization (including impairments)	432,829			435,373
Gain on investments, net	(45,747		)	(36,837		)
Gain on equity derivative contracts, net	(23,473		)	(6,036		)
Loss on extinguishment of debt and write-off of deferred financing costs	1,735			7,687
Amortization of deferred financing costs and discounts on indebtedness	7,380			7,263
Share-based compensation expense related to Cablevision equity classified awards	27,850			22,601
Settlement loss and amortization of actuarial losses related to pension and postretirement plans	2,511			4,565
Deferred income taxes	31,264			(19,940		)
Provision for doubtful accounts	16,128			21,043
Excess tax benefit related to share-based awards	(10,795		)	(1,587		)
Changes in other assets and liabilities	52,832			140,803
Net cash provided by operating activities	699,254			834,011
Cash flows from investing activities:
Capital expenditures	(381,305		)	(425,193		)
Proceeds related to sale of equipment, including costs of disposal	3,219			3,209
Increase in other investments	(393		)	(616		)
Additions to other intangible assets	(7,032		)	(540		)
Net cash used in investing activities	(385,511		)	(423,140		)
Cash flows from financing activities:
Repayment of credit facility debt	(230,415		)	(759,861		)
Repayment of notes payable	(2,458		)	(2,306		)
Proceeds from issuance of senior notes	—			750,000
Proceeds from collateralized indebtedness	467,804			273,519
Repayment of collateralized indebtedness and related derivative contracts	(392,192		)	(226,250		)
Distributions to Cablevision	(214,135		)	(218,319		)
Principal payments on capital lease obligations	(9,028		)	(7,030		)
Additions to deferred financing costs	—			(13,579		)
Distributions to noncontrolling interests, net	(901		)	(778		)
Excess tax benefit related to share-based awards	10,795			1,587
Net cash used in financing activities	(370,530		)	(203,017		)
Net increase (decrease) in cash and cash equivalents from continuing operations	(56,787		)	207,854
Cash flows of discontinued operations:
Net cash used in operating activities	(192		)	(786		)
Net cash used in investing activities	(30		)	(196		)
Net decrease in cash and cash equivalents from discontinued operations	(222		)	(982		)
Cash and cash equivalents at beginning of year	813,396			651,058
Cash and cash equivalents at end of period	$	756,387		$	857,930

See accompanying combined notes to condensed consolidated financial statements.

11

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands, except per share amounts)

(Unaudited)

NOTE 1. BUSINESS

Cablevision Systems Corporation ("Cablevision"), through its wholly-owned subsidiary CSC Holdings, LLC ("CSC Holdings," and collectively with Cablevision, the "Company") owns and operates cable systems and owns companies that provide regional news, local programming and advertising sales services for the cable television industry, provide Ethernet-based data, Internet, voice and video transport and managed services to the business market, and operate a newspaper publishing business.  The Company classifies its operations into three reportable segments: (1) Cable, consisting principally of its video, high-speed data, and Voice over Internet Protocol ("VoIP") operations, (2) Lightpath, which provides Ethernet-based data, Internet, voice and video transport and managed services to the business market in the New York metropolitan area; and (3) Other, consisting principally of (i) Newsday, which includes the Newsday daily newspaper, amNew York, Star Community Publishing Group, and online websites, (ii) the News 12 Networks, which provide regional news programming services, (iii) Cablevision Media Sales Corporation ("Cablevision Media Sales"), a cable television advertising company, and (iv) certain other businesses and unallocated corporate costs.

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Cablevision and CSC Holdings have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information.  Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.

The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

The financial statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 presented in this Form 10-Q are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

The accompanying condensed consolidated financial statements of Cablevision include the accounts of Cablevision and its majority-owned subsidiaries and the accompanying condensed consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. Cablevision has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Cablevision.  The condensed consolidated balance sheets and statements of income of Cablevision are essentially identical to the condensed consolidated balance sheets and statements of income of CSC Holdings, with the following significant exceptions: Cablevision has $2,794,626 of senior notes outstanding at June 30, 2015 (excluding the $611,455 aggregate principal amount of Cablevision notes held by its subsidiary Newsday Holdings LLC ("Newsday Holdings")) that were issued to third party investors, cash, deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued dividends on its balance sheet.  In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Cablevision.  Differences between Cablevision's results of operations and those of CSC Holdings primarily include incremental interest expense, interest income, the write-off of deferred financing costs, net of gain on extinguishment of debt, and income tax expense or benefit.  CSC Holdings' results of operations include incremental interest income from the Cablevision senior notes held by Newsday Holdings, which is eliminated in Cablevision's results of operations.

The combined notes to the condensed consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Cablevision and CSC Holdings.  All significant intercompany transactions and balances between Cablevision and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of condensed consolidated financial statements.  Intercompany transactions between Cablevision and CSC Holdings are not eliminated in the CSC Holdings condensed consolidated financial statements, but are eliminated in the Cablevision condensed consolidated financial statements.

The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2015.

12

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncement

In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):  Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU No. 2014-08 change the criteria for reporting discontinued operations while enhancing certain disclosures.  Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be presented as discontinued operations.  In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations.  ASU No. 2014-08 was adopted by the Company on January 1, 2015 and did not have any impact on the Company's consolidated financial statements.

Recently Issued But Not Yet Adopted Accounting Pronouncement

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective and allows the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB approved deferring the effective date by one year so that ASU No. 2014-09 would become effective for the Company on January 1, 2018. The FASB also approved, in July 2015, permitting the early adoption of ASU No. 2014-09, but not before the original effective date for the Company as of January 1, 2017. The Company has not yet completed the evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Early adoption is permitted for financial statements that have not been previously issued. ASU No. 2015-03 becomes effective for the Company on January 1, 2016 and will be applied on a retrospective basis.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance becomes effective for the Company on January 1, 2016 with early adoption permitted. The Company can elect to adopt ASU No. 2015-05 prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not believe ASU No. 2015-05 will have a significant impact on its consolidated financial statements upon adoption on January 1, 2016.

NOTE 3. DIVIDENDS

During the six months ended June 30, 2015, the Board of Directors of Cablevision declared and paid the following cash dividends to stockholders of record on both its Cablevision NY Group ("CNYG") Class A common stock and CNYG Class B common stock:

Declaration Date	Dividend Per Share	Record Date	Payment Date
February 24, 2015	$0.15	March 16, 2015	April 3, 2015
May 1, 2015	$0.15	May 22, 2015	June 12, 2015

Cablevision paid dividends aggregating $84,669, including accrued dividends on vested restricted shares of $3,935 during the six months ended June 30, 2015.  In addition, as of June 30, 2015, up to approximately $6,828 will be paid when, and if, restricted shares and performance based restricted stock units vest.

13

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

During the six months ended June 30, 2015, CSC Holdings made cash equity distribution payments to Cablevision aggregating $214,135.  These distribution payments were funded from cash on hand.  The proceeds were used to fund:

• Cablevision's dividends;

• Cablevision's interest payments on its senior notes; and

• Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax withholding obligations upon the vesting of certain restricted shares.

NOTE 4. INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS

Cablevision

Basic income per common share attributable to Cablevision stockholders is computed by dividing net income attributable to Cablevision stockholders by the weighted average number of common shares outstanding during the period.  Diluted income per common share attributable to Cablevision stockholders reflects the dilutive effects of stock options, restricted stock and restricted stock units. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria.

The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted income per share attributable to Cablevision stockholders for the three and six months ended June 30, 2015 and 2014:

	Three Months	Six Months	Three Months	Six Months
	Ended June 30, 2015		Ended June 30, 2014
	(in thousands)
Basic weighted average shares outstanding	269,301	268,614	263,730	263,033
Effect of dilution:
Stock options	3,039	2,872	3,456	3,420
Restricted stock	2,888	3,316	2,074	2,276
Diluted weighted average shares outstanding	275,228	274,802	269,260	268,729

For the three and six months ended June 30, 2015, anti-dilutive shares totaling approximately 2,000,000 and 2,337,000 shares, have been excluded from diluted weighted average shares outstanding.  Approximately 630,000 restricted shares and 1,812,000 performance based restricted stock units for the three and six months ended June 30, 2015 have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied.

For the three and six months ended June 30, 2014, anti-dilutive shares totaling approximately 2,100,000 and 1,415,000 shares have been excluded from diluted weighted average shares outstanding.  Approximately 1,990,000 restricted shares for the three and six months ended June 30, 2014 have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied.

CSC Holdings

Net income per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Cablevision.

NOTE 5. GROSS VERSUS NET REVENUE RECOGNITION

In the normal course of business, the Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers.  The Company's policy is that, in instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities and amounts received from the customers are recorded on a gross basis.  That is, amounts paid to the governmental authorities are recorded as technical and operating expenses and amounts received from the customer are recorded as revenues.  For the three and six months ended June 30, 2015, the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $51,116 and $100,686, respectively.  For the three and six months ended

14

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

June 30, 2014, the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $44,417 and $87,255, respectively.

NOTE 6. SUPPLEMENTAL CASH FLOW INFORMATION

The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents.  The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.

During the six months ended June 30, 2015 and 2014, the Company's non-cash investing and financing activities and other supplemental data were as follows:

	Six Months Ended June 30,
	2015		2014
Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings:
Continuing Operations:
Property and equipment accrued but unpaid	$	44,412	$	41,593
Notes payable to vendor	8,318		34,522
Capital lease obligations	7,329		14,642
Intangible asset obligations	566		157
Non-Cash Investing and Financing Activities of Cablevision:
Dividends payable on unvested restricted share awards	2,444		1,830
Supplemental Data:
Continuing Operations - Cablevision:
Cash interest paid	278,003		269,231
Income taxes paid, net	359		5,081
Continuing Operations - CSC Holdings:
Cash interest paid	171,049		161,413
Income taxes paid, net	359		5,081

NOTE 7. DEBT

Repayment of Credit Facility Debt - CSC Holdings

In April 2015, CSC Holdings made a repayment of $200,000 on its outstanding Term B loan facility with cash on hand. In connection with the repayment of the Term B loan facility, the Company recognized a loss on extinguishment of debt of $731 and wrote-off unamortized deferred financing costs related to this loan facility of $1,004.

NOTE 8. DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock.  The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock.  At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity.  These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price.

15

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets at June 30, 2015 and December 31, 2014:

Derivatives Not Designated as Hedging Instruments		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value at June 30, 2015		Fair Value at December 31, 2014		Fair Value at June 30, 2015		Fair Value at December 31, 2014
Prepaid forward contracts	Current derivative contracts	$	453	$	—	$	36,495	$	93,010
Prepaid forward contracts	Long-term derivative contracts	30,361		7,317		—		9,207
Total derivative contracts		$	30,814	$	7,317	$	36,495	$	102,217

These prepaid forward contracts are not designated as hedging instruments for accounting purposes and the related gain (loss) of $(22,693) and $23,473, respectively, for the three and six months ended June 30, 2015 and $(32,613) and $6,036, respectively, for the three and six months ended June 30, 2014, have been reflected in gain (loss) on equity derivative contracts, net in the accompanying condensed consolidated statements of income.

Settlements of Collateralized Indebtedness

The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the six months ended June 30, 2015.  The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares.  The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price.

Number of shares	8,069,934
Collateralized indebtedness settled	$	(326,446	)
Derivative contracts settled	(65,746		)
	(392,192		)
Proceeds from new monetization contracts	467,804
Net cash receipt	$	75,612

NOTE 9. FAIR VALUE MEASUREMENT

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable.  Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.  The fair value hierarchy consists of the following three levels:

• Level I - Quoted prices for identical instruments in active markets.

• Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level III - Instruments whose significant value drivers are unobservable.

16

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014:

	At June 30, 2015
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	706,792	$	—	$	—	$	706,792
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,291,664		—		—		1,291,664
Prepaid forward contracts	—		30,814		—		30,814
Liabilities:
Prepaid forward contracts	—		36,495		—		36,495

	At December 31, 2014
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	736,330	$	—	$	—	$	736,330
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,245,916		—		—		1,245,916
Prepaid forward contracts	—		7,317		—		7,317
Liabilities:
Prepaid forward contracts	—		102,217		—		102,217

The Company's cash equivalents, investment securities and investment securities pledged as collateral are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

The Company's prepaid forward contracts reflected as derivative contracts and liabilities under derivative contracts on the Company's balance sheets are valued using market-based inputs to valuation models.  These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility.  When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations.  Such adjustments are generally based on available market evidence.  Since model inputs can generally be verified and do not involve significant management judgment, the Company has concluded that these instruments should be classified within Level II of the fair value hierarchy.

The Company considers the impact of credit risk when measuring the fair value of its derivative asset and/or liability positions, as applicable.

The Company's assets measured at fair value on a nonrecurring basis include long-lived assets, indefinite-lived cable television franchises, trademarks, other indefinite-lived intangible assets and goodwill.  During the quarter ended March 31, 2015, the Company performed its annual impairment test of goodwill, indefinite-lived cable television franchises, trademarks and other indefinite-lived intangible assets and there were no impairment charges recorded.

Fair Value of Financial Instruments

The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate:

Credit Facility Debt, Collateralized Indebtedness, Senior Notes and Debentures and Notes Payable

The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities.  The fair value of notes payable is based primarily on the present value of the remaining payments discounted at the borrowing cost.

17

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying condensed consolidated balance sheets, are summarized as follows:

		June 30, 2015
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	661,702
Debt instruments:
Credit facility debt (b)	Level II	$	2,551,429	$	2,555,560
Collateralized indebtedness	Level II	1,127,541		1,111,901
Senior notes and debentures	Level II	3,063,578		3,249,629
Notes payable	Level II	23,818		23,704
CSC Holdings total debt instruments		6,766,366		6,940,794
Cablevision senior notes	Level II	2,794,626		2,963,053
Cablevision total debt instruments		$	9,560,992	$	9,903,847

		December 31, 2014
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	680,587
Debt instruments:
Credit facility debt (b)	Level II	$	2,780,649	$	2,785,975
Collateralized indebtedness	Level II	986,183		957,803
Senior notes and debentures	Level II	3,062,126		3,368,875
Notes payable	Level II	23,911		23,682
CSC Holdings total debt instruments		6,852,869		7,136,335
Cablevision senior notes	Level II	2,793,741		3,048,387
Cablevision total debt instruments		$	9,646,610	$	10,184,722

(a) These notes are eliminated at the consolidated Cablevision level.

(b) The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value.

Fair value estimates related to the Company's debt instruments and senior notes receivable presented above are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

NOTE 10. DISCONTINUED OPERATIONS

For the six months ended June 30, 2015, the Company recorded an expense of $9,400 plus statutory interest of $8,400 (an aggregate of $10,502, net of income taxes) with respect to the decision in a case relating to Rainbow Media Holdings LLC, a business whose operations were previously discontinued (see Note 13). Income from discontinued operations for the six months ended June 30, 2014 amounted to $5,455 ($3,076, net of income taxes) and resulted primarily from the settlement of a contingency related to Montana property taxes related to Bresnan Broadband Holdings, LLC, a business which was sold in 2013.

18

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

NOTE 11. INCOME TAXES

Cablevision

Cablevision recorded income tax expense of $78,609 and $116,549 for the three and six months ended June 30, 2015, respectively, reflecting an effective tax rate of 51% and 47%, respectively. In April 2015, corporate income tax changes were enacted for both New York State and the City of New York. Such changes included a provision whereby investment income will be subject to higher taxes. Accordingly, in the second quarter of 2015, Cablevision recorded deferred tax expense of $16,334 to remeasure the deferred tax liability for the investment in Comcast common stock and associated derivative securities. Absent this item, the effective tax rate for the three and six months ended June 30, 2015 would have been 40% and 41%, respectively.

Cablevision recorded income tax expense of $61,848 and $34,909 for the three and six months ended June 30, 2014, respectively, reflecting an effective tax rate of 40% and 16%, respectively. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were no longer under examination. Accordingly, in the first quarter of 2014, Cablevision recorded a tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position. Absent this item, the effective tax rate for the six months ended June 30, 2014 would have been 41%.

As of June 30, 2015, Cablevision's federal net operating loss and tax credit carryforwards were approximately $425,000 and $58,000, respectively. Subsequent to the full utilization of such carryforwards, payments for income taxes are expected to increase significantly.

CSC Holdings

CSC Holdings recorded income tax expense of $108,193 and $175,735 for the three and six months ended June 30, 2015, respectively, reflecting an effective tax rate of 49% and 46%, respectively. In April 2015, corporate income tax changes were enacted for both New York State and the City of New York. Such changes included a provision whereby investment income will be subject to higher taxes. Accordingly, in the second quarter of 2015, CSC Holdings recorded deferred tax expense of $16,334 to remeasure the deferred tax liability for the investment in Comcast common stock and associated derivative securities. Absent this item, the effective tax rate for the three and six months ended June 30, 2015 would have been 41% and 42%, respectively.

CSC Holdings recorded income tax expense of $91,227 and $93,025 for the three and six months ended June 30, 2014, respectively, reflecting an effective tax rate of 41% and 26%, respectively. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were no longer under examination. Accordingly, in the first quarter of 2014, CSC Holdings recorded a tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position. Absent this item, the effective tax rate for the six months ended June 30, 2014 would have been 42%.

NOTE 12. EQUITY PLANS

Cablevision's Equity Plans

2015 Employee Stock Plan

InMarch 2015, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2015 Employee Stock Plan ("2015 Plan"), which was approved by Cablevision's stockholders at its annual stockholders meeting on May 21, 2015. Under the 2015 Plan, Cablevision is authorized to grant stock options, restricted shares, restricted stock units, stock appreciation rights, and other equity-based awards. The Company may grant awards for up to 25,000,000 shares of CNYG Class A common stock under the 2015 Plan. Options and stock appreciation rights under the 2015 Plan must be granted with an exercise price of not less than the fair market value of a share of CNYG Class A common stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the 2015 Plan, including vesting and exercisability, will be determined by Cablevision's compensation committee and may be based upon performance criteria. No awards had been granted under the 2015 Plan as of June 30, 2015.

19

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

As a result of the approval of the 2015 Plan by Cablevision's stockholders, all remaining available shares (other than those subject to outstanding grants of restricted stock or stock options) under the Amended and Restated 2006 Employee Stock Plan have been canceled and no further awards will be granted.

Stock Option Award Activity

In March 2015, Cablevision granted options that are scheduled to vest over three years in 33 1/3% annual increments and expire 10 years from the date of grant.  Cablevision calculated the fair value of the option award on the date of grant using the Black-Scholes option pricing model.  Cablevision's computation of expected life was determined based on historical data for similar awards. The interest rate for periods within the contractual life of the stock options is based on interest yields for U.S. Treasury instruments in effect at the time of grant.  Cablevision's computation of expected volatility is based on historical volatility of its common stock.

The following assumptions were used to calculate the fair value of the stock options award granted in the first quarter of 2015:

Risk-free interest rate	1.82		%
Expected life (in years)	8 years
Dividend yield	3.63		%
Volatility	39.98		%
Grant date fair value	$	5.45

The following table summarizes activity relating to Company employees who held Cablevision stock options for the six months ended June 30, 2015:

	Shares Under Option				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)
	Time Vesting Options		Performance Based Vesting Options					Aggregate Intrinsic Value (a)
Balance, December 31, 2014	5,097,666		7,633,500		$	14.41	7.17	$	79,347
Granted	2,000,000		—		19.17
Exercised	(302,500	)	(736,383	)	12.74
Balance, June 30, 2015	6,795,166		6,897,117		$	15.23	7.26	$	119,267
Options exercisable at June 30, 2015	795,166		6,897,117		$	13.90	6.15	$	77,207
Options expected to vest in the future	6,000,000		—		$	16.93	8.68	$	42,060

(a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on June 30, 2015 or December 31, 2014, as indicated, and June 30, 2015 in the case of options exercisable and options expected to vest in the future.

In addition, as of June 30, 2015, AMC Networks Inc. ("AMC Networks") and The Madison Square Garden Company ("Madison Square Garden") employees held a total of 108,066 Cablevision stock options.  These stock options are not expensed by the Company; however, such stock options may have a dilutive effect on net income per share attributable to Cablevision stockholders.

20

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

Restricted Stock Award Activity

The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the six months ended June 30, 2015:

	Number of Restricted Shares		Number of Performance Based Restricted Shares		Weighted Average Fair Value Per Share at Date of Grant
Unvested award balance, December 31, 2014	5,314,870		2,035,300		$	15.46
Granted	1,703,130		584,400		19.17
Vested	(1,571,162	)	(739,600	)	14.47
Awards forfeited	(292,265	)	—		16.47
Unvested award balance, June 30, 2015	5,154,573		1,880,100		16.94

During the six months ended June 30, 2015, 2,310,762 Cablevision restricted shares issued to employees of the Company vested.  To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 977,749 of these shares, with an aggregate value of $18,265, were surrendered to the Company.  These acquired shares have been classified as treasury stock.

Performance Based Restricted Stock Units

In March 2015, Cablevision granted 1,816,660 performance based restricted stock units ("PSUs") to certain employees that are scheduled to cliff vest after three years subject to achievement of specified performance criteria. The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria.  If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued.

The Company recognizes compensation expense for PSUs on a straight-line basis over the vesting period based on the estimated number of shares of CNYG common stock expected to be issued.

NOTE 13. COMMITMENTS AND CONTINGENCIES

Legal Matters

Cable Operations Litigation

Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC: The Company is a defendant in a lawsuit filed in the U.S. District Court for the District of New Jersey by several present and former Cablevision subscribers, purportedly on behalf of a class of iO video subscribers in New Jersey, Connecticut and New York.  After three versions of the complaint were dismissed without prejudice by the District Court, plaintiffs filed their third amended complaint on August 22, 2011, alleging that the Company violated Section 1 of the Sherman Antitrust Act by allegedly tying the sale of interactive services offered as part of iO television packages to the rental and use of set-top boxes distributed by Cablevision, and violated Section 2 of the Sherman Antitrust Act by allegedly seeking to monopolize the distribution of Cablevision compatible set-top boxes.  Plaintiffs seek unspecified treble monetary damages, attorney's fees, as well as injunctive and declaratory relief.  On September 23, 2011, the Company filed a motion to dismiss the third amended complaint.  On January 10, 2012, the District Court issued a decision dismissing with prejudice the Section 2 monopolization claim, but allowing the Section 1 tying claim and related state common law claims to proceed.  Cablevision's answer to the third amended complaint was filed on February 13, 2012.  On January 9, 2015, plaintiffs filed a motion for class certification. Motion practice and discovery have been stayed pending settlement discussions. While a loss is reasonably possible, the present state of settlement negotiations leaves the Company currently unable to estimate a range of possible loss.

In re Cablevision Consumer Litigation: Following expiration of the affiliation agreements for carriage of certain Fox broadcast stations and cable networks on October 16, 2010, News Corporation terminated delivery of the programming feeds to the Company, and as a result, those stations and networks were unavailable on the Company's cable television systems. On October 30, 2010, the Company and Fox reached an agreement on new affiliation agreements for these stations

21

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

and networks, and carriage was restored. Several purported class action lawsuits were subsequently filed on behalf of the Company's customers seeking recovery for the lack of Fox programming. Those lawsuits were consolidated in an action before the U. S. District Court for the Eastern District of New York, and a consolidated complaint was filed in that court on February 22, 2011. Plaintiffs asserted claims for breach of contract, unjust enrichment, and consumer fraud, seeking unspecified compensatory damages, punitive damages and attorneys' fees. On March 28, 2012, the Court ruled on the Company's motion to dismiss, denying the motion with regard to plaintiffs' breach of contract claim, but granting it with regard to the remaining claims, which were dismissed. On April 16, 2012, plaintiffs filed a second consolidated amended complaint, which asserts a claim only for breach of contract. The Company's answer was filed on May 2, 2012. On October 10, 2012, plaintiffs filed a motion for class certification and on December 13, 2012, a motion for partial summary judgment. On March 31, 2014, the Court granted plaintiffs' motion for class certification, and denied without prejudice plaintiffs' motion for summary judgment. On May 5, 2014, the Court directed that expert discovery commence. Expert discovery is proceeding. On May 30, 2014, the Court approved the form of class notice, and on October 7, 2014, approved the class notice distribution plan. The class notice distribution has been completed, and the opt-out period expired on February 27, 2015. The Company believes that this claim is without merit and intends to defend these lawsuits vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss.

Patent Litigation

Cablevision is named as a defendant in certain lawsuits claiming infringement of various patents relating to various aspects of the Company's businesses.  In certain of these cases other industry participants are also defendants.  In certain of these cases the Company expects that any potential liability would be the responsibility of the Company's equipment vendors pursuant to applicable contractual indemnification provisions.  The Company believes that the claims are without merit and intends to defend the actions vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss.

Other Litigation

Friedman v. Charles Dolan, et al.: On March 7, 2014, a shareholder derivative lawsuit was filed in Delaware Chancery Court purportedly on behalf of the nominal defendant Cablevision against the Chief Executive Officer ("CEO"), the Chairman of the Board, and certain other members of Cablevision's Board of Directors, including the members of the Compensation Committee. The complaint alleges that the individual defendants violated their fiduciary duties to preserve corporate assets by allegedly causing or allowing Cablevision to grant excessive compensation packages to the CEO, the Chairman of the Board, and/or other members of the Board of Directors in the time period 2010 to 2012. The complaint seeks unspecified monetary damages, disgorgement, costs, and attorneys' fees. Cablevision filed a pro forma answer on April 14, 2014, and on April 21, 2014 the individual defendants filed notices of motions to dismiss in lieu of an answer. The motions to dismiss were filed on June 16, 2014. Oral argument took place on January 23, 2015. On June 30, 2015, the Court granted the individual defendants’ motions to dismiss. On July 30, 2015, plaintiff filed a notice of appeal. The Company does not believe that this lawsuit will have a material adverse effect on results of operations or the financial position of the Company.

In April 2011, Thomas C. Dolan, a director and Executive Vice President, Strategy and Development, in the Office of the Chairman at Cablevision, filed a lawsuit against Cablevision and Rainbow Media Holdings LLC (which was subsequently dismissed as a party) in New York State Supreme Court.  The lawsuit raises compensation-related claims related to events from 2005 to 2008.  The matter is being handled under the direction of an independent committee of the Board of Directors of Cablevision. In April 2015, the Court granted summary judgment in favor of the plaintiff on liability, with damages still to be determined.  On June 18, 2015, the Company filed a notice of appeal. The Company has recorded an expense for the amount of damages reasonably estimable at this time, which is reflected in discontinued operations in the accompanying condensed consolidated statements of income for the six months ended June 30, 2015 (see Note 10). It is possible that the amount of damages ultimately determined could exceed the amount recorded.

In addition to the matters discussed above, the Company is party to various lawsuits, some involving claims for substantial damages.  Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due.

22

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

NOTE 14. SEGMENT INFORMATION

The Company classifies its operations into three reportable segments: (1) Cable, (2) Lightpath, and (3) Other, consisting principally of (i) Newsday, (ii) the News 12 Networks, (iii) Cablevision Media Sales, and (iv) certain other businesses and unallocated corporate costs.

The Company's reportable segments are strategic business units that are managed separately.  The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment adjusted operating cash flow ("AOCF") (defined as operating income (loss) excluding depreciation and amortization (including impairments), share-based compensation expense or benefit and restructuring expense or credits), a non-GAAP measure.  The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net from continuing operations
Cable	$	1,481,144		$	1,454,911		$	2,932,682		$	2,872,059
Lightpath	91,040			88,030			182,164			174,784
Other	91,311			94,868			173,091			176,350
Inter-segment eliminations (a)	(10,102		)	(9,672		)	(19,773		)	(19,470		)
	$	1,653,393		$	1,628,137		$	3,268,164		$	3,203,723
Inter-segment revenues
Cable	$	(836	)	$	(436	)	$	(1,116	)	$	(961	)
Lightpath	(4,646		)	(4,554		)	(9,391		)	(9,167		)
Other	(4,620		)	(4,682		)	(9,266		)	(9,342		)
	$	(10,102	)	$	(9,672	)	$	(19,773	)	$	(19,470	)
Adjusted operating cash flow (deficit) from continuing operations
Cable	$	462,697		$	478,875		$	909,252		$	921,907
Lightpath	43,762			39,262			87,157			77,745
Other	(32,131		)	(30,809		)	(68,051		)	(78,035		)
	$	474,328		$	487,328		$	928,358		$	921,617

Depreciation and amortization (including impairments) included in continuing operations
Cable (b)	$	(183,370	)	$	(190,649	)	$	(369,615	)	$	(375,855	)
Lightpath (b)	(21,503		)	(20,897		)	(44,241		)	(40,501		)
Other	(9,056		)	(9,542		)	(18,973		)	(19,017		)
	$	(213,929	)	$	(221,088	)	$	(432,829	)	$	(435,373	)
Share-based compensation expense included in continuing operations
Cable	$	(10,718	)	$	(7,519	)	$	(18,929	)	$	(15,602	)
Lightpath	(1,926		)	(1,357		)	(3,308		)	(2,776		)
Other	(3,295		)	(1,819		)	(5,613		)	(4,223		)
	$	(15,939	)	$	(10,695	)	$	(27,850	)	$	(22,601	)

23

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Restructuring credits (expense) included in continuing operations
Cable	$	—	$	141	$	—	$	19
Lightpath	—		11		—		15
Other	4		196		536		(701		)
	$	4	$	348	$	536	$	(667	)

Operating income (loss) from continuing operations
Cable	$	268,609		$	280,848		$	520,708		$	530,469
Lightpath	20,333			17,019			39,608			34,483
Other	(44,478		)	(41,974		)	(92,101		)	(101,976		)
	$	244,464		$	255,893		$	468,215		$	462,976

(a) Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming and voice services to our Cable segment.

(b) The Cable and Lightpath segments share portions of each other's network infrastructure.  Depreciation charges are recorded by the segment that acquired the respective asset.

For the three and six months ended June 30, 2015 and 2014, Cable segment revenue was derived from the following sources:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)	$	812,547	$	805,852	$	1,613,515	$	1,599,298
High-speed data	370,170		354,376		733,042		701,275
Voice	232,059		226,833		463,652		446,955
Advertising	36,401		41,046		67,178		72,709
Other (including installation, advertising sales commissions, home shopping, and other products)	29,967		26,804		55,295		51,822
	$	1,481,144	$	1,454,911	$	2,932,682	$	2,872,059

24

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows:
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Operating income for reportable segments	$	244,464		$	255,893		$	468,215		$	462,976
Items excluded from operating income:
CSC Holdings interest expense	(90,339		)	(87,580		)	(179,891		)	(172,800		)
CSC Holdings interest income	161			103			325			175
CSC Holdings intercompany interest income	12,014			12,014			24,027			24,027
Gain on investments, net	78,818			78,612			45,747			36,837
Gain (loss) on equity derivative contracts, net	(22,693		)	(32,613		)	23,473			6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	(7,687		)	(1,735		)	(7,687		)
Miscellaneous, net	1,307			1,806			2,314			2,537
CSC Holdings income from continuing operations before income taxes	221,997			220,548			382,475			352,101
Cablevision interest expense	(55,705		)	(55,662		)	(111,334		)	(111,398		)
Intercompany interest expense	(12,014		)	(12,014		)	(24,027		)	(24,027		)
Cablevision interest income	7			4			12			6
Write-off of deferred financing costs, net of gain on extinguishment of debt	—			—			—			(611		)
Cablevision income from continuing operations before income taxes	$	154,285		$	152,876		$	247,126		$	216,071

The following table summarizes the Company's capital expenditures by reportable segment for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Capital expenditures
Cable	$	185,997	$	207,255	$	319,568	$	352,580
Lightpath	23,062		26,097		46,794		52,967
Other	5,615		5,766		14,943		19,646
	$	214,674	$	239,118	$	381,305	$	425,193

All revenues and assets of the Company's reportable segments are attributed to or located in the United States primarily concentrated in the New York metropolitan area.

25

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Cont'd)

(Dollars in thousands, except per share amounts)

(Unaudited)

NOTE 15. RELATED PARTY TRANSACTIONS

The following table summarizes the revenue and charges (credits) related to services provided to or received from AMC Networks and Madison Square Garden reflected in continuing operations not discussed elsewhere in the accompanying combined notes to the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues, net	$	1,605	$	1,586	$	2,796	$	2,910
Operating expenses:
Technical expenses, net of credits (a)	$	44,426	$	45,714	$	89,363	$	91,782
Selling, general and administrative expenses, net of credits	1,502		1,014		3,430		2,316
Operating expenses, net	45,928		46,728		92,793		94,098
Net charges	$	44,323	$	45,142	$	89,997	$	91,188

(a) Technical expenses include primarily costs incurred by the Company for the carriage of the MSG networks and Fuse program services (2014 period only) of Madison Square Garden, as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (2015 period only) of AMC Networks on the Company's cable systems.  The Company also purchases certain programming signal transmission and production services from AMC Networks.

NOTE 16. SUBSEQUENT EVENTS

Cablevision Dividend

On August 6, 2015, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share payable on September 10, 2015 to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock as of August 21, 2015.

26

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

All dollar amounts, except per customer and per share data, included in the following discussion under this Item 2, are presented in thousands.

Summary

Our future performance is dependent, to a large extent, on the impact of direct competition, general economic conditions (including capital and credit market conditions), our ability to manage our businesses effectively, and our relative strength and leverage in the marketplace, both with suppliers and customers.  See "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014.

Cable 

Our Cable segment, which accounted for 90% of our consolidated revenues, net of inter-segment eliminations, for the six months ended June 30, 2015, derives revenues principally through monthly charges to subscribers of our video, high-speed data and Voice over Internet Protocol ("VoIP") services which accounted for 52%, 23%, and 14%, respectively, of our consolidated revenues, net of inter-segment eliminations.  These monthly charges include fees for video programming, high-speed data and VoIP services, as well as equipment rental, digital video recorder ("DVR"), video-on-demand, pay-per-view, installation and home shopping commissions.  We also derive revenues from the sale of advertising time available on the programming carried on our cable television systems.

Revenue increases are derived from rate increases, increases in the number of subscribers to our services, including additional services sold to our existing subscribers, programming package upgrades by our video customers, speed tier upgrades by our high-speed data customers, and acquisition transactions that result in the addition of new subscribers. 

Our ability to increase the number of subscribers to our services is significantly related to our penetration rates (the number of subscribers to our services as a percentage of serviceable passings, which represent the estimated number of single residence homes, apartment and condominium units passed by the cable distribution network in areas serviceable without further extending the transmission lines, including commercial establishments that have connected to our cable distribution network). Due to the high penetration of our video, high-speed data and VoIP services (52.0%, 54.9%, and 43.6%, respectively, of serviceable passings at June 30, 2015), our ability to maintain or increase our existing customers and revenue in the future will continue to be negatively impacted.

We face competition from telephone companies, DBS service providers, and others, including the delivery of video content over the Internet directly to subscribers.  As discussed in greater detail under “Competition” in our Annual Report on Form 10-K for the year ended December 31, 2014, we face intense competition from Verizon Communications Inc. ("Verizon") and Frontier Communications Corporation ("Frontier"). Verizon has constructed a fiber to the home network plant that passes a significant number of households in our service area.  Verizon does not publicly report the extent of their build-out or penetration by area. Our estimate of Verizon's build-out and sales activity in our service area is difficult to assess because it is based upon visual inspections and other limited estimating techniques, and therefore serves only as an approximation.  We estimate that Verizon is currently able to sell a fiber-based video service, as well as high-speed data and VoIP services, to at least half of the households in our service area.  In certain other portions of our service area, Verizon has also built its fiber network where we believe it is not currently able to sell its fiber-based video service, but is able to sell its high-speed data and VoIP services.  In these areas (as well as other parts of our service area) Verizon markets DBS services along with its high-speed data and VoIP services. Verizon’s fiber network also passes areas where we believe it is not currently able to sell its video, high-speed data or VoIP services. Accordingly, Verizon may increase the number of customers in our service area to whom it is able to sell video, high-speed data and VoIP services in the future.

Frontier offers video service, as well as high-speed data and VoIP services, in competition with us in most of our Connecticut service area.  Frontier also markets DBS services in this service area. Verizon and Frontier have made and may continue to make promotional offers at prices lower than ours. This competition affects our ability to add or retain customers and creates pressure upon the pricing of our services. Competition, particularly from Verizon, which has significantly greater financial resources than we do, has negatively impacted our revenues and caused subscriber declines in our service areas. To the extent Verizon and Frontier continue to offer competitive and promotional packages, our ability to maintain or increase our existing customers and revenue will continue to be negatively impacted. 

27

CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

The two major DBS services, DISH Network Corporation and DIRECTV, are available to the vast majority of our customers.  These companies each offer video programming that is substantially similar to the video service that we offer, at competitive prices. Each of these competitors has significantly greater financial resources than we do. 

Our revenues have also been negatively impacted by the prolonged weak economic conditions as customers with less disposable income may have been more willing to obtain services from our competitors or other sources.  Our revenues may continue to be negatively impacted by the prolonged weak economic conditions in certain portions of our service area.  In addition, new and existing customers are able to obtain video content from a wide variety of sources, including Internet-delivered content. Also, new and existing customers may choose to use a mobile device as their sole source of voice services.  Consumers' selection of an alternate source of service, whether due to economic constraints, technological advances or preference, negatively impacts the demand for our services.

Historically, we have made substantial investments in our network and the development of new and innovative products and other service offerings for our customers as a way of differentiating ourselves from our competitors and we may continue to do so in the future.  For example, we have deployed WiFi access points throughout our footprint and in the first quarter of 2015, we launched Freewheel, a new all-WiFi phone service providing unlimited data, talk and text that works anywhere in the world where WiFi is accessible and operates only when the device is connected to a WiFi signal.

Our programming costs, which are the most significant component of our Cable segment's operating expenses, have increased and are expected to continue to increase primarily as a result of contractual rate increases and new channel launches. See "Business Segments Results - Cable" below for a further discussion of revenues and operating expenses.

Lightpath

Lightpath accounted for 5% of our consolidated revenues, net of inter-segment eliminations, for the six months ended June 30, 2015.  Lightpath derives revenues from the sale of fiber-based telecommunications services to the business market. Lightpath operates in a highly competitive business telecommunications market and competes against the very largest telecommunications companies - incumbent local exchange carriers such as Verizon and AT&T Inc., other competitive local exchange companies, and long distance companies.  To the extent our competitors reduce their prices, future success of our Lightpath business may be negatively impacted.

Other

Our Other segment, which accounted for 5% of our consolidated revenues, net of inter-segment eliminations, for the six months ended June 30, 2015, includes the operations of (i) Newsday, which includes the Newsday daily newspaper, amNew York, Star Community Publishing Group, and online websites, (ii) the News 12 Networks, our regional news programming services, (iii) Cablevision Media Sales Corporation ("Cablevision Media Sales"), a cable television advertising company, and (iv) certain other businesses and unallocated corporate costs.

Newsday

Newsday's revenue is derived primarily from the sale of advertising and the sale of the Newsday daily newspaper, including home delivery, digital subscriptions, and single copy sales through local retail outlets ("circulation revenue").  For the six months ended June 30, 2015, advertising revenues accounted for 63% and circulation revenues accounted for 36% of the total revenues of Newsday. 

The newspaper industry generally has experienced significant declines in circulation and readership levels due to competition from new media news formats and less reliance on newspapers by consumers. Readership and circulation levels, as well as economic conditions and the existence of other advertising outlets, impact the demand for and level of advertising.  These factors will continue to negatively impact Newsday’s revenues.

Newsday's largest categories of operating expenses relate to the production and distribution of its print products.  These costs are driven by volume (number of newspapers printed and number of pages printed) and the number of pages printed are impacted by the volume of advertising and editorial pages.  The majority of Newsday's other costs, such as editorial content creation, rent and general and administrative expenses do not directly fluctuate with changes in advertising and circulation revenue.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

News 12 Networks

Our News 12 Networks, which include seven 24-hour local news channels and five traffic and weather services dedicated to covering areas within the New York metropolitan area, derives its revenues from the sale of advertising on its networks and affiliation fees paid by cable operators, principally Cablevision.

Cablevision Media Sales

Cablevision Media Sales is a cable television advertising company that derives its revenues primarily from the sale of local and regional commercial advertising time on cable television networks in the New York metropolitan area, which offers advertisers the opportunity to target geographic and demographic audiences.

Non-GAAP Financial Measures

We define adjusted operating cash flow ("AOCF"), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization (including impairments), excluding share-based compensation expense or benefit and restructuring expense or credits.  Because it is based upon operating income (loss), AOCF also excludes interest expense (including cash interest expense) and other non-operating income and expense items.  We believe that the exclusion of share-based compensation expense allows investors to better track the performance of the various operating units of our business without regard to expense associated with awards that are not expected to be made in cash, in the case of restricted shares, restricted stock units, and stock options.

We present AOCF as a measure of our ability to service our debt and make continuing investments, including in our capital infrastructure.  We believe AOCF is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis.  AOCF and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry.  Internally, we use net revenues and AOCF measures as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators.  AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles ("GAAP").  Since AOCF is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.  Each presentation of AOCF in this Quarterly Report on Form 10-Q includes a reconciliation of AOCF to operating income (loss).

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Results of Operations - Cablevision Systems Corporation

The following table sets forth on a historical basis certain items related to operations as a percentage of net revenues for the periods indicated:

STATEMENT OF OPERATIONS DATA

	Three Months Ended June 30,
	2015					2014
	Amount			% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	1,653,393		100	%	$	1,628,137		100	%	$	25,256
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below)	805,596			49		788,317			48		(17,279		)
Selling, general and administrative	389,408			24		363,187			22		(26,221		)
Restructuring credits	(4		)	—		(348		)	—		(344		)
Depreciation and amortization (including impairments)	213,929			13		221,088			14		7,159
Operating income	244,464			15		255,893			16		(11,429		)
Other income (expense):
Interest expense, net	(145,876		)	(9	)	(143,135		)	(9	)	(2,741		)
Gain on investments, net	78,818			5		78,612			5		206
Loss on equity derivative contracts, net	(22,693		)	(1	)	(32,613		)	(2	)	9,920
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	—		(7,687		)	—		5,952
Miscellaneous, net	1,307			—		1,806			—		(499		)
Income from continuing operations before income taxes	154,285			9		152,876			9		1,409
Income tax expense	(78,609		)	(5	)	(61,848		)	(4	)	(16,761		)
Income from continuing operations, net of income taxes	75,676			5		91,028			6		(15,352		)
Income from discontinued operations, net of income taxes	—			—		3,510			—		(3,510		)
Net income	75,676			5		94,538			6		(18,862		)
Net income attributable to noncontrolling interests	(81		)	—		(328		)	—		247
Net income attributable to Cablevision Systems Corporation stockholders	$	75,595		5	%	$	94,210		6	%	$	(18,615	)

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	Six Months Ended June 30,
	2015					2014
	Amount			% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	3,268,164		100	%	$	3,203,723		100	%	$	64,441
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below)	1,601,484			49		1,561,300			49		(40,184		)
Selling, general and administrative	766,172			23		743,407			23		(22,765		)
Restructuring expense (credits)	(536		)	—		667			—		1,203
Depreciation and amortization (including impairments)	432,829			13		435,373			14		2,544
Operating income	468,215			14		462,976			14		5,239
Other income (expense):
Interest expense, net	(290,888		)	(9	)	(284,017		)	(9	)	(6,871		)
Gain on investments, net	45,747			1		36,837			1		8,910
Gain on equity derivative contracts, net	23,473			1		6,036			—		17,437
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	—		(8,298		)	—		6,563
Miscellaneous, net	2,314			—		2,537			—		(223		)
Income from continuing operations before income taxes	247,126			8		216,071			7		31,055
Income tax expense	(116,549		)	(4	)	(34,909		)	(1	)	(81,640		)
Income from continuing operations, net of income taxes	130,577			4		181,162			6		(50,585		)
Income (loss) from discontinued operations, net of income taxes	(10,502		)	—		3,076			—		(13,578		)
Net income	120,075			4		184,238			6		(64,163		)
Net loss (income) attributable to noncontrolling interests	153			—		(265		)	—		418
Net income attributable to Cablevision Systems Corporation stockholders	$	120,228		4	%	$	183,973		6	%	$	(63,745	)

The following is a reconciliation of operating income to AOCF:

	Three Months Ended June 30,						Favorable (Unfavorable)
	2015			2014
Operating income	$	244,464		$	255,893		$	(11,429	)
Share-based compensation	15,939			10,695			5,244
Restructuring credits	(4		)	(348		)	344
Depreciation and amortization (including impairments)	213,929			221,088			(7,159		)
AOCF	$	474,328		$	487,328		$	(13,000	)

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	Six Months Ended June 30,					Favorable (Unfavorable)
	2015			2014
Operating income	$	468,215		$	462,976	$	5,239
Share-based compensation	27,850			22,601		5,249
Restructuring expense (credits)	(536		)	667		(1,203		)
Depreciation and amortization (including impairments)	432,829			435,373		(2,544		)
AOCF	$	928,358		$	921,617	$	6,741

Comparison of Three and Six Months Ended June 30, 2015 Versus Three and Six Months Ended June 30, 2014

Consolidated Results - Cablevision Systems Corporation

We classify our operations into three reportable segments:

• Cable, consisting principally of our video, high-speed data, and VoIP services;

• Lightpath, which provides Ethernet-based data, Internet, voice and video transport and managed services to the business market in the New York metropolitan area; and

• Other, consisting principally of (i) Newsday, (ii) the News 12 Networks, (iii) Cablevision Media Sales, and (iv) certain other businesses and unallocated corporate costs.

We allocate certain amounts of our corporate overhead to each segment based upon their proportionate estimated usage of services. 

The segment financial information set forth below, including the discussion related to individual line items, does not reflect inter-segment eliminations unless specifically indicated.

See "Business Segments Results" for a discussion relating to the operating results of our segments.  In those sections, we provide detailed analysis of the reasons for increases or decreases in the various line items at the segment level.

Revenues, net for the three and six months ended June 30, 2015 increased $25,256 (2%) and $64,441 (2%), respectively, as compared to revenues, net for the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Increase in revenues of the Cable segment	$	26,233		$	60,623
Increase in revenues of the Lightpath segment	3,010			7,380
Decrease in revenues of the Other segment	(3,557		)	(3,259		)
Inter-segment eliminations	(430		)	(303		)
	$	25,256		$	64,441

Technical and operating expenses (excluding depreciation, amortization and impairments) include primarily:

• cable programming costs which are costs paid to programmers (net of amortization of any incentives received from programmers for carriage) for cable content and are generally paid on a per-subscriber basis;

• network management and field service costs, which represent costs associated with the maintenance of our broadband network, including costs of certain customer connections;

• interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services; and

• content, production and distribution costs of our Newsday business.

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Technical and operating expenses (excluding depreciation, amortization and impairments) increased $17,279 (2%) and $40,184 (3%), respectively, for the three and six months ended June 30, 2015 as compared to the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Increase in expenses of the Cable segment	$	22,239		$	46,720
Decrease in expenses of the Lightpath segment	(1,074		)	(627		)
Decrease in expenses of the Other segment	(3,991		)	(6,058		)
Inter-segment eliminations	105			149
	$	17,279		$	40,184

Selling, general and administrative expenses include primarily sales, marketing and advertising expenses, administrative costs, and costs of customer call centers.  Selling, general and administrative expenses increased $26,221 (7%) and $22,765 (3%), respectively, for the three and six months ended June 30, 2015 as compared to the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Increase in expenses of the Cable segment	$	23,371		$	29,885
Increase (decrease) in expenses of the Lightpath segment	153			(873		)
Increase (decrease) in expenses of the Other segment	3,232			(5,795		)
Inter-segment eliminations	(535		)	(452		)
	$	26,221		$	22,765

Depreciation and amortization (including impairments) decreased $7,159 (3%) and $2,544 (1%), respectively, for the three and six months ended June 30, 2015 as compared to the same periods in 2014.  The net decreases are attributable to the following:

	Three Months			Six Months
	June 30, 2015
Decrease in expenses of the Cable segment	$	(7,279	)	$	(6,240	)
Increase in expenses of the Lightpath segment	606			3,740
Decrease in expenses of the Other segment	(486		)	(44		)
	$	(7,159	)	$	(2,544	)

Adjusted operating cash flow decreased $13,000 (3%) for the three months ended June 30, 2015 and increased $6,741 (1%) for the six months ended June 30, 2015 as compared to the same periods in 2014.  The increases (decreases) are attributable to the following:

	Three Months			Six Months
	June 30, 2015
Decrease in AOCF of the Cable segment	$	(16,178	)	$	(12,655	)
Increase in AOCF of the Lightpath segment	4,500			9,412
Increase (decrease) in AOCF of the Other segment	(1,322		)	9,984
	$	(13,000	)	$	6,741

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Interest expense, net increased $2,741 (2%) and $6,871 (2%), respectively, for the three and six months ended June 30, 2015 as compared to the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	June 30, 2015
Increase due to change in average interest rates on our indebtedness	$	5,124		$	9,822
Decrease due to change in average debt balances	(2,572		)	(3,318		)
Higher interest income	(61		)	(156		)
Other net increases, primarily interest expense related to capital leases	250			523
	$	2,741		$	6,871

See "Liquidity and Capital Resources" discussion below for a detail of our borrower groups.

Gain on investments, net of $78,818 and $45,747 for the three and six months ended June 30, 2015, respectively, and $78,612 and $36,837 for the three and six months ended June 30, 2014, respectively, consists primarily of the increase in the fair value of Comcast Corporation ("Comcast") common stock owned by the Company. 

Gain (loss) on equity derivative contracts, net of $(22,693) and $23,473 for the three and six months ended June 30, 2015, respectively, and $(32,613) and $6,036 for the three and six months ended June 30, 2014, respectively, consists of unrealized and realized gains (losses) due to the change in fair value of the Company's equity derivative contracts relating to the Comcast common stock owned by the Company. 

Loss on extinguishment of debt and write-off of deferred financing costs amounted to $1,735 for the three and six months ended June 30, 2015 and includes the write-off of unamortized deferred financing and the unamortized discount of $1,004 and $731, respectively, related to the $200,000 repayment on CSC Holdings Term B loan facility with cash on hand.

Loss on extinguishment of debt and write-off of deferred financing costs amounted to $7,687 and $8,298 for the three and six months ended June 30, 2014, respectively, and includes the write-off of deferred financing costs and the unamortized discount of $4,447 and $3,240, respectively, related to the $750,000 repayment of CSC Holdings' outstanding Term B loan facility. In addition, the six month 2014 period includes the write-off of unamortized deferred financing costs of $1,269 and a net gain of $658, net of fees recognized in connection with the repurchase of Cablevision's outstanding 5-7/8% senior notes due September 2022.

Income tax expense amounted to $78,609 and $116,549 for the three and six months ended June 30, 2015, respectively, reflecting an effective tax rate of 51% and 47%, respectively. In April 2015, corporate income tax changes were enacted for both New York State and the City of New York. Such changes included a provision whereby investment income will be subject to higher taxes. Accordingly, in the second quarter of 2015, Cablevision recorded deferred tax expense of $16,334 to remeasure the deferred tax liability for the investment in Comcast common stock and associated derivative securities. Absent this item, the effective tax rate for the three and six months ended June 30, 2015 would have been 40% and 41%, respectively.

Cablevision recorded income tax expense of $61,848 and $34,909 for the three and six months ended June 30, 2014, respectively, reflecting an effective tax rate of 40% and 16%, respectively. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were no longer under examination. Accordingly, in the first quarter of 2014, Cablevision recorded a tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position. Absent this item, the effective tax rate for the six months ended June 30, 2014 would have been 41%.

As of June 30, 2015, Cablevision's federal net operating loss and tax credit carryforwards were approximately $425,000 and $58,000, respectively. Subsequent to the full utilization of such carryforwards, payments for income taxes are expected to increase significantly.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Business Segments Results

Cable

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues, net for our Cable segment.

	Three Months Ended June 30,
	2015				2014
	Amount		% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	1,481,144	100	%	$	1,454,911		100	%	$	26,233
Technical and operating expenses (excluding depreciation and amortization shown below)	731,267		49		709,028			49		(22,239		)
Selling, general and administrative expenses	297,898		20		274,527			19		(23,371		)
Restructuring credits	—		—		(141		)	—		(141		)
Depreciation and amortization	183,370		12		190,649			13		7,279
Operating income	$	268,609	18	%	$	280,848		19	%	$	(12,239	)

	Six Months Ended June 30,
	2015				2014
	Amount		% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	2,932,682	100	%	$	2,872,059		100	%	$	60,623
Technical and operating expenses (excluding depreciation and amortization shown below)	1,451,410		49		1,404,690			49		(46,720		)
Selling, general and administrative expenses	590,949		20		561,064			20		(29,885		)
Restructuring credits	—		—		(19		)	—		(19		)
Depreciation and amortization	369,615		13		375,855			13		6,240
Operating income	$	520,708	18	%	$	530,469		18	%	$	(9,761	)

The following is a reconciliation of operating income to AOCF:
	Three Months Ended June 30,
	2015		2014			Favorable (Unfavorable)
	Amount		Amount
Operating income	$	268,609	$	280,848		$	(12,239	)
Share-based compensation	10,718		7,519			3,199
Restructuring credits	—		(141		)	141
Depreciation and amortization	183,370		190,649			(7,279		)
AOCF	$	462,697	$	478,875		$	(16,178	)

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

	Six Months Ended June 30,
	2015		2014			Favorable (Unfavorable)
	Amount		Amount
Operating income	$	520,708	$	530,469		$	(9,761	)
Share-based compensation	18,929		15,602			3,327
Restructuring credits	—		(19		)	19
Depreciation and amortization	369,615		375,855			(6,240		)
AOCF	$	909,252	$	921,907		$	(12,655	)

Revenues, net for the three and six months ended June 30, 2015 increased $26,233 (2%) and $60,623 (2%), respectively, as compared to revenues, net for the same periods in 2014.  The net increases are attributable to the following:

	Three Months Ended June 30,				Increase			Percent Increase
	2015		2014		(Decrease)			(Decrease)
Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)	$	812,547	$	805,852	$	6,695		1	%
High-speed data	370,170		354,376		15,794			4
Voice	232,059		226,833		5,226			2
Advertising	36,401		41,046		(4,645		)	(11	)
Other (including installation, advertising sales commissions, home shopping, and other products)	29,967		26,804		3,163			12
Total Cable	$	1,481,144	$	1,454,911	$	26,233		2	%

	Six Months Ended June 30,				Increase			Percent Increase
	2015		2014		(Decrease)			(Decrease)
Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)	$	1,613,515	$	1,599,298	$	14,217		1	%
High-speed data	733,042		701,275		31,767			5
Voice	463,652		446,955		16,697			4
Advertising	67,178		72,709		(5,531		)	(8	)
Other (including installation, advertising sales commissions, home shopping, and other products)	55,295		51,822		3,473			7
Total Cable	$	2,932,682	$	2,872,059	$	60,623		2	%

The net revenue increases for the three and six months ended June 30, 2015 as compared to the same periods in the prior year were due primarily to rate increases:  (i) for certain video and voice services implemented during the second quarter of 2014, (ii) for certain high-speed data services implemented during the fourth quarter of 2014, and (iii) for certain video services implemented during the first quarter of 2015, and lower net promotional activity as a result of continued disciplined pricing policies.  In addition, pay-per-view revenue increased approximately $8,800 in the second quarter of 2015 primarily due to a boxing event.  Partially offsetting these increases was a decrease in revenue due primarily to a decline in video and voice customers for the three and six months ended June 30, 2015 and a decrease in advertising revenue due primarily to a decline in spending in the gaming, banking, political, and cable programming sectors.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

The following table presents certain statistical information as of the dates indicated:

	June 30, 2015	March 31, 2015	June 30, 2014
	(in thousands)
Total customers	3,117	3,112	3,165
Video customers	2,637	2,653	2,771
High-speed data customers	2,781	2,767	2,779
Voice customers	2,208	2,215	2,273
Serviceable passings	5,067	5,055	5,052
Average monthly revenue per customer ("RPC") (a)	$158.52	$155.34	$152.72

(a) RPC is calculated by dividing the average monthly GAAP revenues for the Cable segment for the respective quarter presented by the average number of total customers served by our cable systems for the respective period. 

The following table reflects our net customer increase (decrease) for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)
Total customers	5.1		(20.2	)	(0.5	)	(22.9	)
Video customers	(16.4	)	(28.4	)	(45.0	)	(42.4	)
High-speed data customers	14.4		(9.7	)	21.6		(1.3	)
Voice customers	(7.1	)	(6.5	)	(21.1	)	1.1

We believe our video and voice customer declines noted in the table above are largely attributable to intense competition, particularly from Verizon, the result of disciplined pricing and credit policies and prolonged weak economic conditions in certain portions of our service area.  These factors are expected to continue to impact our ability to maintain or increase our existing customers and revenue in the future.

Technical and operating expenses (excluding depreciation and amortization) for the three and six months ended June 30, 2015 increased $22,239 (3%) and $46,720 (3%), respectively, as compared to the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Increase in programming costs due primarily to contractual rate increases and a boxing event in the second quarter of 2015, partially offset by lower video customers	$	15,477		$	40,271
Increase in employee related costs primarily related to merit increases	4,826			6,105
Increase in franchise and other fees due primarily to increases in rates in certain areas, partially offset by lower video customers	1,806			3,528
Decrease in contractor costs due primarily to lower truck rolls	(4,395		)	(10,015		)
Other net increases (includes insurance recovery related to Superstorm Sandy of $1,706 and $1,291 in the first and second quarter of 2014, respectively)	4,525			6,831
	$	22,239		$	46,720

Technical and operating expenses consist primarily of (i) programming costs (including costs of video-on-demand and pay-per-view) which typically rise due to increases in contractual rates and new channel launches and are also impacted by changes in the number of customers receiving certain programming services, (ii) interconnection, call completion, circuit and transport fees paid to other telecommunication companies for the transport and termination of voice and data services,

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

which typically vary based on rate changes and the level of usage by our customers, (iii) the cost of sale of equipment, and (iv) other direct costs associated with providing and maintaining services to our customers which are impacted by general cost increases for employees, contractors, insurance and other various expenses.

Our programming costs increased 5% for the six months ended June 30, 2015 as compared to the same period in 2014 due primarily to an increase in contractual programming rates, partially offset by a decrease in video customers.  Our programming costs in 2015 will continue to be impacted by changes in programming rates, which we expect to increase by high single digits, and by changes in the number of video customers.

Technical and operating expenses also include franchise fees, which are payable to the state governments and local municipalities where we operate and are primarily based on a percentage of certain categories of revenue derived from the provision of cable television service over our cable systems, which vary by state and municipality.  These costs change in relation to changes in such categories of revenues or rate changes.

Costs of field operations, which consist primarily of employee related, customer installation and repair and maintenance costs, may fluctuate as a result of changes in level of activities and the utilization of contractors as compared to employees.  Also, employee related and customer installation costs increase as the portion of our expenses that we are able to capitalize decrease due to lower new customer installations and lower new service upgrades.  Network related costs, which consist primarily of employee related, repair and maintenance and utility costs, also fluctuate as capitalizable network upgrade and enhancement activity changes.

We expect that our technical and operating expenses will continue to increase in the future.

Selling, general and administrative expenses increased $23,371 (9%) and $29,885 (5%) for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014.  The net increases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Increase in legal costs	$	11,191		$	13,559
Increase in product development costs and other professional fees	4,036			9,472
Increase in advertising, marketing media placement and production costs	3,908			8,572
Increase in billing transaction fees (including a one-time credit of $1,813 recorded in the second quarter of 2014)	3,093			4,451
Increase in share-based compensation	3,199			3,327
Decrease in employee related costs related to the elimination of certain positions and lower commissions, partially offset by merit increases	(3,748		)	(8,488		)
Decrease in expenses related to long-term incentive plan awards primarily due to additional expense recorded in the first quarter of 2014 as a result of a change in the estimated payout for certain awards and the elimination of the cash portion of the 2015 awards	(83		)	(6,031		)
Other net increases (including an insurance recovery related to Superstorm Sandy of $922 primarily in the first quarter of 2014)	1,775			5,023
	$	23,371		$	29,885

Selling, general and administrative expenses include customer related costs, principally from the operation and maintenance of our call center facilities that handle customer inquiries and billing and collection activities.  These costs rise as a result of general cost increases for employees and various other expenses.  Sales and marketing costs primarily consist of employee costs and advertising production and placement costs associated with acquiring and retaining customers.  These costs vary period to period and may increase with intense competition.

Depreciation and amortization decreased $7,279 (4%) and $6,240 (2%), respectively, for the three and six months ended June 30, 2015 as compared to the same periods in 2014.  The net decreases are primarily due to certain assets being retired or becoming fully depreciated, partially offset by the depreciation of new asset purchases.

Adjusted operating cash flow decreased $16,178 (3%) and $12,655 (1%) for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014.  These decreases were due primarily to an increase in operating

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expenses (excluding depreciation and amortization expense, restructuring credits and share-based compensation), partially offset by an increase in revenue, as discussed above.

Lightpath

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues, net for our Lightpath segment:

	Three Months Ended June 30,
	2015				2014
	Amount		% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	91,040	100	%	$	88,030		100	%	$	3,010
Technical and operating expenses (excluding depreciation and amortization shown below)	28,161		31		29,235			33		1,074
Selling, general and administrative expenses	21,043		23		20,890			24		(153		)
Restructuring credits	—		—		(11		)	—		(11		)
Depreciation and amortization	21,503		24		20,897			24		(606		)
Operating income	$	20,333	22	%	$	17,019		19	%	$	3,314

	Six Months Ended June 30,
	2015				2014
	Amount		% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	182,164	100	%	$	174,784		100	%	$	7,380
Technical and operating expenses (excluding depreciation and amortization shown below)	56,796		31		57,423			33		627
Selling, general and administrative expenses	41,519		23		42,392			24		873
Restructuring credits	—		—		(15		)	—		(15		)
Depreciation and amortization	44,241		24		40,501			23		(3,740		)
Operating income	$	39,608	22	%	$	34,483		20	%	$	5,125

The following is a reconciliation of operating income to AOCF:

	Three Months Ended June 30,
	2015		2014			Favorable (Unfavorable)
	Amount		Amount
Operating income	$	20,333	$	17,019		$	3,314
Share-based compensation	1,926		1,357			569
Restructuring credits	—		(11		)	11
Depreciation and amortization	21,503		20,897			606
AOCF	$	43,762	$	39,262		$	4,500

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

	Six Months Ended June 30,
	2015		2014			Favorable (Unfavorable)
	Amount		Amount
Operating income	$	39,608	$	34,483		$	5,125
Share-based compensation	3,308		2,776			532
Restructuring credits	—		(15		)	15
Depreciation and amortization	44,241		40,501			3,740
AOCF	$	87,157	$	77,745		$	9,412

Revenues, net for the three and six months ended June 30, 2015 increased $3,010 (3%) and $7,380 (4%), respectively, as compared to revenues, net for the same periods in 2014.  The net revenue increases were derived primarily from an increase in Ethernet revenue due to an increase in services installed, partially offset by reduced traditional voice and data services.

Technical and operating expenses (excluding depreciation and amortization) for the three and six months ended June 30, 2015 decreased $1,074 (4%) and $627 (1%), respectively, as compared to the same periods in 2014.  Technical and operating expenses consist primarily of the direct costs associated with providing and maintaining services.

Selling, general and administrative expenses increased $153 (1%) for the three months ended June 30, 2015 and decreased $873 (2%) for the six months ended June 30, 2015, as compared to the same periods in 2014.  Selling, general and administrative expenses include sales and marketing costs which consist primarily of employee costs and advertising production and placement costs associated with acquiring and retaining customers.

Depreciation and amortization increased $606 (3%) and $3,740 (9%) for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014 due primarily to the depreciation of new asset purchases.

Adjusted operating cash flow increased $4,500 (11%) and 9,412 (12%) for the three and six months ended June 30, 2015, respectively, as compared to the same periods in 2014.  The increases are due primarily to an increase in revenue, net, and a decrease in operating expenses (excluding depreciation and amortization, restructuring credits and share-based compensation), as discussed above.

Other

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues, net for our Other segment.

	Three Months Ended June 30,
	2015					2014
	Amount			% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	91,311		100	%	$	94,868		100	%	$	(3,557	)
Technical and operating expenses (excluding depreciation, amortization and impairments shown below)	54,012			59		58,003			61		3,991
Selling, general and administrative expenses	72,725			80		69,493			73		(3,232		)
Restructuring credits	(4		)	—		(196		)	—		(192		)
Depreciation and amortization (including impairments)	9,056			10		9,542			10		486
Operating loss	$	(44,478	)	(49	)%	$	(41,974	)	(44	)%	$	(2,504	)

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

	Six Months Ended June 30,
	2015					2014
	Amount			% of Net Revenues		Amount			% of Net Revenues		Favorable (Unfavorable)
Revenues, net	$	173,091		100	%	$	176,350		100	%	$	(3,259	)
Technical and operating expenses (excluding depreciation, amortization and impairments shown below)	109,170			63		115,228			65		6,058
Selling, general and administrative expenses	137,585			79		143,380			81		5,795
Restructuring expense (credits)	(536		)	—		701			—		1,237
Depreciation and amortization (including impairments)	18,973			11		19,017			11		44
Operating loss	$	(92,101	)	(53	)%	$	(101,976	)	(58	)%	$	9,875

The following is a reconciliation of operating loss to AOCF deficit:
	Three Months Ended June 30,
	2015			2014			Favorable
	Amount			Amount			(Unfavorable)
Operating loss	$	(44,478	)	$	(41,974	)	$	(2,504	)
Share-based compensation	3,295			1,819			1,476
Restructuring credits	(4		)	(196		)	192
Depreciation and amortization (including impairments)	9,056			9,542			(486		)
AOCF deficit	$	(32,131	)	$	(30,809	)	$	(1,322	)

	Six Months Ended June 30,
	2015			2014			Favorable
	Amount			Amount			(Unfavorable)
Operating loss	$	(92,101	)	$	(101,976	)	$	9,875
Share-based compensation	5,613			4,223			1,390
Restructuring expense (credits)	(536		)	701			(1,237		)
Depreciation and amortization (including impairments)	18,973			19,017			(44		)
AOCF deficit	$	(68,051	)	$	(78,035	)	$	9,984

Revenues, net decreased $3,557 (4%) and $3,259 (2)% for the three and six months ended June 30, 2015, respectively, as compared to revenues, net for the same periods in 2014.  The net decreases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Decrease in revenues at Newsday (from $66,401 to $62,161 for the three month period and $123,706 to $118,446 for the six month period) due primarily to decreases in advertising revenues driven primarily by competition from other media, partially offset by an increase in circulation revenues	$	(4,240	)	$	(5,260	)
Net increase in revenues, primarily advertising revenues at News 12 Networks, partially offset by decreases in other businesses	445			1,774
Intra-segment eliminations	238			227
	$	(3,557	)	$	(3,259	)

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Technical and operating expenses (excluding depreciation, amortization and impairments) for the three and six months ended June 30, 2015 decreased $3,991 (7%) and $6,058 (5%), respectively, as compared to the same periods in 2014.  The net decreases are attributable to the following:

	Three Months			Six Months
	Ended June 30, 2015
Decrease in costs at Newsday (from $43,827 to $39,667 for the three month period and from $86,628 to $80,453 for the six month period) due primarily to lower newsprint and ink expenses, as well as lower distribution and employee related costs	$	(4,160	)	$	(6,175	)
Other net increases	169			117
	$	(3,991	)	$	(6,058	)

Selling, general and administrative expenses increased $3,232 (5%) for the three months ended June 30, 2015 and decreased $5,795 (4%) for the six months ended June 30, 2015, as compared to the same periods in 2014.  The net decreases are attributable to the following:

	Three Months		Six Months
	Ended June 30, 2015
Increase (decrease) in expenses at Newsday (from $24,048 to $25,647 for the three month period and $50,553 to $47,801 for the six month period). The increase in the three month period is due primarily to increases in promotional marketing, real estate taxes and share-based compensation, partially offset by lower employee related costs. The decrease in the six month period is due primarily to the termination and settlement of a distribution agreement in the first quarter of 2015, as well as lower employee related costs (including long-term incentive plan expenses), partially offset by an increase in real estate taxes and share-based compensation	$	1,599	$	(2,752	)
Increase (decrease) in corporate costs, primarily employee related costs, net of allocations to business units	1,193		(1,998		)
Increase (decrease) in expenses at certain other businesses	199		(1,272		)
Intra-segment eliminations	241		227
	$	3,232	$	(5,795	)

Adjusted operating cash flow deficit increased $1,322 (4%) for the three months ended June 30, 2015 and decreased $9,984 (13%) for the six months ended June 30, 2015 as compared to the same periods in 2014 (including Newsday's AOCF deficit of $1,470 and $6,967, respectively, for the three and six months ended June 30, 2015 compared to AOCF deficit of $608 and $11,346 for the three and six months ended June 30, 2014, respectively).  The increase in the AOCF deficit for the three month period was due primarily to a decrease in revenues, net, partially offset by a decrease in operating expenses (excluding depreciation and amortization, restructuring expense (credits) and share-based compensation), as discussed above. The decrease in the AOCF deficit for the six month period was due primarily to a decrease in operating expenses (excluding depreciation and amortization, restructuring expense (credits) and share-based compensation), partially offset by a decrease in revenues, net, as discussed above.

42

CSC HOLDINGS, LLC

The condensed consolidated statements of income of CSC Holdings are essentially identical to the condensed consolidated statements of income of Cablevision, except for the following:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net income attributable to Cablevision Systems Corporation stockholders	$	75,595		$	94,210		$	120,228		$	183,973
Interest expense relating to Cablevision senior notes included in Cablevision's condensed consolidated statements of income	55,705			55,662			111,334			111,398
Interest income related to cash held at Cablevision	(7		)	(4		)	(12		)	(6		)
Interest income included in CSC Holdings' consolidated statements of income related to interest on Cablevision's senior notes held by Newsday Holdings (this interest income is eliminated in the condensed consolidated statements of income of Cablevision)	12,014			12,014			24,027			24,027
Write-off of deferred financing costs, net of gain on extinguishment of debt relating to Cablevision senior notes	—			—			—			611
Income tax benefit included in Cablevision's consolidated statements of income	(29,584		)	(29,379		)	(59,186		)	(58,116		)
Net income attributable to CSC Holdings, LLC's sole member	$	113,723		$	132,503		$	196,391		$	261,887

Refer to Cablevision's "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein.

CASH FLOW DISCUSSION

Continuing Operations - Cablevision Systems Corporation

Operating Activities

Net cash provided by operating activities amounted to $584,235 for the six months ended June 30, 2015 compared to $707,478 for the six months ended June 30, 2014.  The 2015 cash provided by operating activities resulted from $563,406of income from continuing operations before depreciation and amortization (including impairments) and $92,350 of non-cash items.  Partially offsetting these increases was a decrease in cash of $37,355 resulting from an increase in current and other assets and $34,166 as a result of a decrease in accounts payable and other liabilities.

The 2014 cash provided by operating activities resulted from $616,535 of income from continuing operations before depreciation and amortization (including impairments) and $105,697 of non-cash items.  Partially offsetting these increases was a decrease in cash of $12,618 as a result of a decrease in accounts payable and $2,136 as a result of an increase in current and other assets.

The decrease in cash provided by operating activities of $123,243 for the six months ended June 30, 2015 as compared to the six months ended June 30, 2014, resulted from a decrease in income from continuing operations before depreciation and amortization (including impairments) and other non-cash items of $66,476 and a decrease of $56,767 resulting from changes in working capital, including the timing of payments and collections of accounts receivable, among other items.

Investing Activities

Net cash used in investing activities for the six months ended June 30, 2015 was $385,511 compared to $423,140 for the six months ended June 30, 2014.  The 2015 investing activities consisted primarily of $381,305 of capital expenditures ($319,568 of which relates to our Cable segment), additions to other intangible assets of $7,032, partially offset by other net cash receipts of $2,826.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

The 2014 investing activities consisted primarily of $425,193 of capital expenditures ($352,580 of which relates to our Cable segment), partially offset by other net cash receipts of $2,053.

Financing Activities

Net cash used in financing activities amounted to $252,350 for the six months ended June 30, 2015 compared to $78,791 for the six months ended June 30, 2014.  In 2015, the Company's financing activities consisted primarily of repayments of credit facility debt of $230,415, dividend distributions to common stockholders of $84,669, payments of $18,265 related to the net share settlement of restricted stock awards, principal payments on capital lease obligations of $9,028, repayments of notes payable of $2,458, and distributions to noncontrolling interests of $901, partially offset by net proceeds from collateralized indebtedness of $75,612, proceeds from stock option exercises of $13,451 and an excess tax benefit related to share-based awards of $4,323.

In 2014, the Company's financing activities consisted primarily of repayments of credit facility debt of $759,861, dividend distributions to common stockholders of $80,630, payments to repurchase senior notes, including fees, of $27,173, payments of deferred financing costs of $13,579, principal payments on capital lease obligations of $7,030, payments of $6,608 related to the net share settlement of restricted stock awards, repayments of notes payable of $2,306, and distributions to noncontrolling interests of $778, partially offset by proceeds from the issuance of senior notes of $750,000, net proceeds from collateralized indebtedness of $47,269, proceeds from stock option exercises of $21,159 and an excess tax benefit related to share-based awards of $746.

Continuing Operations - CSC Holdings, LLC

Operating Activities

Net cash provided by operating activities amounted to $699,254 for the six months ended June 30, 2015 compared to $834,011 for the six months ended June 30, 2014.  The 2015 cash provided by operating activities resulted from $639,569 of income from continuing operations before depreciation and amortization (including impairments), non-cash items of $6,853 and $79,461 as a result of an increase in accounts payable and other liabilities.  These increases were partially offset by a decrease in cash of $26,629 resulting from an increase in current and other assets.

The 2014 cash provided by operating activities resulted from $694,449 of income before depreciation and amortization (including impairments), a $110,606 decrease in current and other assets and a $30,197 increase in accounts payable and other liabilities. These increases were partially offset by non-cash items of $1,241.

The decrease in cash provided by operating activities of $134,757 for the six months ended June 30, 2015 as compared to the six months ended June 30, 2014 resulted from a decrease in income before depreciation and amortization (including impairments) from continuing operations and other non-cash items of $46,786 and a decrease of $87,971 resulting from changes in working capital, including the timing of payments and collections of accounts receivable, among other items.

Investing Activities

Net cash used in investing activities for the six months ended June 30, 2015 was $385,511 compared to $423,140 for the six months ended June 30, 2014.  The 2015 investing activities consisted primarily of $381,305 of capital expenditures ($319,568 of which relates to our Cable segment), additions to other intangible assets of $7,032, partially offset by other net cash receipts of $2,826.

The 2014 investing activities consisted primarily of $425,193 of capital expenditures ($352,580 of which relates to our Cable segment), partially offset by other net cash receipts of $2,053.

Financing Activities

Net cash used in financing activities amounted to $370,530 for the six months ended June 30, 2015 compared to $203,017 for the six months ended June 30, 2014.  In 2015, the Company's financing activities consisted primarily of repayments of credit facility debt of $230,415, distributions to Cablevision of $214,135, principal payments on capital lease obligations of $9,028, repayments of notes payable of $2,458, and distributions to noncontrolling interests of $901, partially offset by net proceeds from collateralized indebtedness of $75,612 and an excess tax benefit related to share-based awards of $10,795.

In 2014, the Company's financing activities consisted primarily of repayments of credit facility debt of $759,861, distributions to Cablevision of $218,319, payments of deferred financing costs of $13,579, principal payments on capital lease obligations of $7,030, repayments of notes payable of $2,306, and distributions to noncontrolling interests of $778, partially offset by

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

proceeds from the issuance of senior notes of $750,000, net proceeds from collateralized indebtedness of $47,269, and an excess tax benefit related to share-based awards of $1,587.

LIQUIDITY AND CAPITAL RESOURCES

Cablevision

Cablevision has no operations independent of its subsidiaries.  Cablevision's outstanding securities consist of Cablevision NY Group ("CNYG") Class A common stock, CNYG Class B common stock and approximately $3,410,000 of debt securities, including approximately $2,799,000 face value of debt securities held by third party investors and approximately $611,000 held by Newsday Holdings.  The $611,000 of senior notes are eliminated in Cablevision's consolidated financial statements and are shown as senior notes due from Cablevision in the consolidated equity of CSC Holdings.

Funding for Our Debt Service Requirements

Funding for the debt service requirements of our debt securities is provided by our subsidiaries' operations, principally CSC Holdings, as permitted by the covenants governing CSC Holdings' credit agreements and indentures.  Funding for our subsidiaries is generally provided by cash flow from operations, cash on hand, and borrowings under the Restricted Group (as later defined) revolving credit facility, and the proceeds from the issuance of securities in the capital markets.  Our decision as to the use of cash generated from operating activities, cash on hand and borrowings under the Restricted Group revolving credit facility will be based upon an ongoing review of the funding needs of the business, the optimal allocation of cash resources, the timing of cash flow generation and the cost of borrowing under the revolving credit facility.  Moreover, we will monitor the credit markets and may seek opportunities to issue debt, the proceeds of which could be used to meet our future cash funding requirements.  We have accessed the debt markets for significant amounts of capital in the past and expect to do so in the future.

We have assessed our ability to repay our scheduled debt maturities over the next 12 months and we currently believe that a combination of cash on hand, cash generated from operating activities and availability under the Restricted Group revolving credit facility, should provide us with sufficient liquidity to repay such scheduled current debt maturities in the next 12 months totaling $96,565 under our credit facilities, capital leases, and notes payable as of June 30, 2015.  Our collateralized debt maturing in the next 12 months will be settled either by delivering shares of Comcast common stock or by delivering cash from the net proceeds of new monetization transactions. However, competition, market disruptions or a deterioration in economic conditions could lead to lower demand for our products, as well as lower levels of television and newspaper advertising, and increased incidence of customers' inability to pay for the services we provide.  These events would adversely impact our results of operations, cash flows and financial position.  Although we currently believe that amounts available under the Restricted Group revolving credit facility will be available when, and if needed, we can provide no assurance that access to such funds will not be impacted by adverse conditions in the financial markets or other conditions.  The obligations of the financial institutions under the Restricted Group revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others.

In the longer term, we do not expect to be able to generate sufficient cash from operations to fund anticipated capital expenditures, meet all existing future contractual payment obligations and repay our debt at maturity.  As a result, we will be dependent upon our ability to access the capital and credit markets.  We will need to raise significant amounts of funding over the next several years to fund capital expenditures, repay existing obligations and meet other obligations, and the failure to do so successfully could adversely affect our business.  If we are unable to do so, we will need to take other actions including deferring capital expenditures, selling assets, seeking strategic investments from third parties or reducing or eliminating dividend payments and stock repurchases or other discretionary uses of cash.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Debt Outstanding

The following table summarizes our outstanding debt (excluding accrued interest), as well as interest expense and capital expenditures as of and for the six months ended June 30, 2015:

	Restricted Group		Newsday LLC (a)		Other Entities		Total CSC Holdings		Cablevision		Eliminations (b)			Total Cablevision
Credit facility debt	$	2,071,429	$	480,000	$	—	$	2,551,429	$	—	$	—		$	2,551,429
Senior notes and debentures	3,063,578		—		—		3,063,578		3,406,081		(611,455		)	5,858,204
Collateralized indebtedness relating to stock monetizations	—		—		1,127,541		1,127,541		—		—			1,127,541
Capital lease obligations	43,992		538		—		44,530		—		—			44,530
Notes payable	23,818		—		—		23,818		—		—			23,818
Total debt	$	5,202,817	$	480,538	$	1,127,541	$	6,810,896	$	3,406,081	$	(611,455	)	$	9,605,522
Interest expense	$	144,217	$	9,502	$	26,172	$	179,891	$	135,361	$	(24,027	)	$	291,225
Capital expenditures	$	373,669	$	2,332	$	5,304	$	381,305	$	—	$	—		$	381,305

(a) CSC Holdings has guaranteed Newsday LLC's obligation under its credit facility, which amounted to $480,000 at June 30, 2015.  For purposes of the Restricted Group credit facility and indentures, guarantees are treated as indebtedness.  The total debt for the Restricted Group reflected in the table above does not include the $480,000 guarantee.

(b) Represents the elimination of the senior notes issued by Cablevision and held by Newsday Holdings.

The following table provides details of our outstanding credit facility debt as of June 30, 2015 and December 31, 2014: 

		Interest Rate at June 30, 2015		Amounts Payable on or prior to June 30, 2016		Carrying Value at
	Maturity Date					June 30, 2015		December 31, 2014
Restricted Group:
Revolving loan facility	April 17, 2018	—		$	—	$	—	$	—
Term A loan facility	April 17, 2018	1.94	%	47,925		910,584		934,547
Term B loan facility (a)	April 17, 2020	2.69	%	11,888		1,160,845		1,366,102
Restricted Group credit facility debt				59,813		2,071,429		2,300,649
Newsday:
Floating rate term loan facility	October 12, 2016	3.69	%	—		480,000		480,000
Total credit facility debt				$	59,813	$	2,551,429	$	2,780,649

(a) The unamortized discount related to the Term B loan facility amounted to $4,131 and $5,326 at June 30, 2015 and December 31, 2014, respectively.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Restricted Group

CSC Holdings and those of its subsidiaries which conduct our video, high-speed data, and our VoIP services operations, as well as Lightpath, which provides Ethernet-based data, Internet, voice and video transport and managed services to the business market, comprise the "Restricted Group" as they are subject to the covenants and restrictions of the credit facility and indentures governing the notes and debentures issued by CSC Holdings.  In addition, the Restricted Group is also subject to the covenants of the debt issued by Cablevision.

Sources of cash for the Restricted Group include primarily cash flow from the operations of the businesses in the Restricted Group, borrowings under its credit facility and issuance of securities in the capital markets and, from time to time, distributions or loans from its subsidiaries.  The Restricted Group's principal uses of cash include:  capital spending, in particular, the capital requirements associated with the upgrade of its digital video, high-speed data and VoIP services (including enhancements to its service offerings such as a broadband wireless network (WiFi)); debt service, including distributions made to Cablevision to service interest expense and principal repayments on its debt securities; distributions to Cablevision to fund dividends paid to stockholders of CNYG Class A and CNYG Class B common stock; distributions to Cablevision to fund share repurchases and senior note repurchases; other corporate expenses and changes in working capital; and investments that it may fund from time to time.  We currently expect that the net funding and investment requirements of the Restricted Group for the next 12 months will be met with one or more of the following:  cash on hand, cash generated by operating activities and available borrowings under the Restricted Group's revolving credit facility.

The Restricted Group has a credit agreement which provides for (1) a revolving credit facility, (2) a Term A facility, and (3) a Term B facility.  At June 30, 2015, $71,581 of the revolving loan facility was restricted for certain letters of credit issued on behalf of CSC Holdings and $1,428,419 of the revolving loan facility was undrawn and available, subject to covenant limitations, to be drawn to meet the net funding and investment requirements of the Restricted Group.

In April 2015, CSC Holdings made a repayment of $200,000 on its outstanding Term B loan facility with cash on hand. In connection with the repayment of the Term B loan facility, the Company recognized a loss on extinguishment of debt of $731 and wrote-off unamortized deferred financing costs related to this loan facility of $1,004.

Our Annual Report on Form 10-K for the year ended December 31, 2014 contains a further description of the Restricted Group credit facility, including the principal financial covenants.

The Restricted Group was in compliance with all of its financial covenants under the Credit Agreement as of June 30, 2015.

Newsday LLC

We currently expect that net funding and investment requirements for Newsday for the next 12 months will be met with one or more of the following:  cash on hand, cash generated by operating activities, interest income from the Cablevision senior notes held by Newsday Holdings, capital contributions and intercompany advances.

Our Annual Report on Form 10-K for the year ended December 31, 2014 contains a further description of the Newsday LLC credit facility, including the principal financial covenants.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

Capital Expenditures

The following table provides details of the Company's capital expenditures for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Capital Expenditures
Customer premise equipment	$	60,215	$	68,191	$	102,808	$	124,995
Scalable infrastructure	61,581		72,030		101,564		118,859
Line extensions	6,244		7,428		12,725		8,664
Upgrade/rebuild	18,859		11,772		31,000		19,391
Support	39,098		47,834		71,471		80,671
Total Cable	185,997		207,255		319,568		352,580
Lightpath	23,062		26,097		46,794		52,967
Other	5,615		5,766		14,943		19,646
Total Cablevision	$	214,674	$	239,118	$	381,305	$	425,193

Capital expenditures for the three and six months ended June 30, 2015 decreased $24,444 (10%) and $43,888 (10%), respectively, as compared to the same periods in 2014.  For the three and six months ended June 30, 2015 these decreases were primarily related to lower spending on customer premise equipment, various network projects, including multi-room DVR, and other equipment, partially offset by increased spending on cable infrastructure upgrades.

Monetization Contract Maturities

During the next 12 months, monetization contracts covering 10,738,809 shares of Comcast common stock held by us will mature.  We intend to settle such transactions by either delivering shares of the Comcast common stock and the related equity derivative contracts or by delivering cash from the net proceeds of new monetization transactions.

Other Events

Common Stock Repurchases

Cablevision's Board of Directors has authorized the repurchase of up to a total of $1,500,000 CNYG Class A common stock.   During the six months ended June 30, 2015, Cablevision did not repurchase any shares.  Since inception through June 30, 2015, Cablevision repurchased an aggregate of 45,282,687 shares for a total cost of $1,044,678, including commissions of $453.  These acquired shares have been classified as treasury stock in Cablevision's consolidated balance sheets.  As of June 30, 2015, Cablevision had $455,322 of availability remaining under its stock repurchase authorizations.

Dividends

During the six months ended June 30, 2015, the Board of Directors of Cablevision declared and paid the following cash dividends to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock:

Declaration Date	Dividend Per Share	Record Date	Payment Date
February 24, 2015	$0.15	March 16, 2015	April 3, 2015
May 1, 2015	$0.15	May 22, 2015	June 12, 2015

Cablevision paid dividends aggregating $84,669, including accrued dividends on vested restricted shares of $3,935 during the six months ended June 30, 2015.  In addition, as of June 30, 2015, up to approximately $6,828 will be paid when, and if, restricted shares and performance based restricted stock units vest.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

During the six months ended June 30, 2015, CSC Holdings made cash equity distribution payments to Cablevision aggregating $214,135.  These distribution payments were funded from cash on hand.  The proceeds were used to fund:

• Cablevision's dividends;

• Cablevision's interest payments on its senior notes; and

• Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax withholding obligations upon the vesting of certain restricted shares;

Cablevision's and CSC Holdings' indentures and the CSC Holdings credit agreement restrict the amount of dividends and distributions in respect of any equity interest that can be made.

On August 6, 2015, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share payable on September 10, 2015 to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock as of August 21, 2015.

Commitments and Contingencies

As of June 30, 2015, the Company's commitments and contingencies for continuing operations not reflected on the Company's condensed consolidated balance sheet decreased to approximately $6,237,000 as compared to approximately $7,264,000 at December 31, 2014.  This decrease relates primarily to payments made pursuant to programming commitments during the six months ended June 30, 2015.

Managing our Interest Rate and Equity Price Risk

Interest Rate Risk

Interest rate risk is primarily a result of exposures to changes in the level, slope and curvature of the yield curve, the volatility of interest rates and credit spreads.  Our exposure to interest rate risk results from changes in short-term interest rates.  Interest rate risk exists primarily with respect to our credit facility debt, which bears interest at variable rates.  The carrying value of our outstanding credit facility debt at June 30, 2015 amounted to $2,551,429.  To manage interest rate risk, we have from time to time entered into various interest rate swap contracts to adjust the proportion of total debt that is subject to variable interest rates.  Such contracts effectively fixed the borrowing rates on our floating rate debt to limit the exposure against the risk of rising rates.  We did not have any interest swap contracts in place at June 30, 2015.  We do not enter into interest rate swap contracts for speculative or trading purposes.  See discussion above for further details of our credit facility debt and Item 3. "Quantitative and Qualitative Disclosures About Market Risk" below for a discussion regarding the fair value of our debt.

We have entered into derivative contracts to hedge our equity price risk and monetize the value of our shares of common stock of Comcast.  These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing us to retain upside appreciation from the hedge price per share to the relevant cap price.  If any one of these contracts is terminated prior to its scheduled maturity date due to the occurrence of an event specified in the contract, we would be obligated to repay the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and equity collar, calculated at the termination date.  As of June 30, 2015, we did not have an early termination shortfall relating to any of these contracts.  The underlying stock and the equity collars are carried at fair value on our condensed consolidated balance sheets and the collateralized indebtedness is carried at its principal value.  See "Quantitative and Qualitative Disclosures About Market Risk" for information on how we participate in changes in the market price of the stocks underlying these derivative contracts.

All of our monetization transactions are obligations of our wholly-owned subsidiaries that are not part of the Restricted Group; however, CSC Holdings provides guarantees of the subsidiaries' ongoing contract payment expense obligations and potential payments that could be due as a result of an early termination event (as defined in the agreements).  The guarantee exposure approximates the net sum of the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and the equity collar.  All of our equity derivative contracts are carried at their current fair value on our condensed consolidated balance sheets with changes in value reflected in our condensed consolidated statements of income, and all of the counterparties to such transactions currently carry investment grade credit ratings.

Recently Issued But Not Yet Adopted Accounting Pronouncements

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, “Simplifying the Measurement of Inventory.”  Inventory under ASU No. 2015-11 is to be measured at the “lower

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

of cost and net realizable value” which would eliminate the other two options that currently exist for “market”: (1) replacement cost and (2) net realizable value less an approximately normal profit margin.  ASU No. 2015-11 defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.”  ASU No. 2015-11 is to be applied prospectively and becomes effective for us on January 1, 2017 although early adoption is permitted.  Inventory held for sale is included in prepaid expenses and other current assets on our condensed consolidated balance sheets. The Company has not yet completed the evaluation of the effect that ASU No. 2015-11 will have on its consolidated financial statements.

In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. ASU No. 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Entities may apply the amendments in this ASU either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. ASU No. 2014-12 becomes effective for us on January 1, 2016 with early adoption permitted. We do not expect that ASU No. 2014-12 will have any impact on our consolidated financial statements upon adoption.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

All dollar amounts, except per share data, included in the following discussion under this Item 3 are presented in thousands.

Equity Price Risk

We are exposed to market risks from changes in certain equity security prices.  Our exposure to changes in equity security prices stems primarily from the shares of Comcast common stock we hold.  We have entered into equity derivative contracts consisting of a collateralized loan and an equity collar to hedge our equity price risk and to monetize the value of these securities.  These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing us to retain upside appreciation from the hedge price per share to the relevant cap price.  The contracts' actual hedge prices per share vary depending on average stock prices in effect at the time the contracts were executed.  The contracts' actual cap prices vary depending on the maturity and terms of each contract, among other factors.  If any one of these contracts is terminated prior to its scheduled maturity date due to the occurrence of an event specified in the contract, we would be obligated to repay the fair value of the collateralized indebtedness less the sum of the fair values of the underlying stock and equity collar, calculated at the termination date.  As of June 30, 2015, we did not have an early termination shortfall relating to any of these contracts.

The underlying stock and the equity collars are carried at fair value on our condensed consolidated balance sheets and the collateralized indebtedness is carried at its principal value.  The carrying value of our collateralized indebtedness amounted to $1,127,541 at June 30, 2015.  At maturity, the contracts provide for the option to deliver cash or shares of Comcast common stock, with a value determined by reference to the applicable stock price at maturity.

As of June 30, 2015, the fair value and the carrying value of our holdings of Comcast common stock aggregated $1,291,664.  Assuming a 10% change in price, the potential change in the fair value of these investments would be approximately $129,166.  As of June 30, 2015, the net fair value and the carrying value of the equity collar component of the equity derivative contracts entered into to partially hedge the equity price risk of our holdings of Comcast common stock aggregated $5,681, a net liability position.  For the six months ended June 30, 2015, we recorded a net gain of $23,473 related to our outstanding equity derivative contracts and recorded an unrealized gain of $45,747 related to the Comcast common stock that we held during the period.

Fair Value of Equity Derivative Contracts
Fair value as of December 31, 2014, net liability position	$	(94,900	)
Change in fair value, net	23,473
Settlement of contracts	65,746
Fair value as of June 30, 2015, net liability position	$	(5,681	)

50

The maturity, number of shares deliverable at the relevant maturity, hedge price per share, and the lowest and highest cap prices received for the Comcast common stock monetized via an equity derivative prepaid forward contract are summarized in the following table: 

# of Shares		Hedge Price	Cap Price (b)
Deliverable	Maturity	per Share (a)	Low		High
5,337,750	2015	$42.08 - $49.01	$	54.71	$	58.81
8,069,934	2016	$48.93 - $53.62	$	58.72	$	69.70
8,069,934	2017	$56.24 - $59.11	$	73.11	$	76.85

(a) Represents the price below which we are provided with downside protection and above which we retain upside appreciation.  Also represents the price used in determining the cash proceeds payable to us at inception of the contracts.

(b) Represents the price up to which we receive the benefit of stock price appreciation.

Fair Value of Debt:  Based on the level of interest rates prevailing at June 30, 2015, the fair value of our fixed rate debt of $7,348,287 exceeded its carrying value of $7,009,563 by $338,724.  The fair value of these financial instruments is estimated based on reference to quoted market prices for these or comparable securities.  Our floating rate borrowings bear interest in reference to current LIBOR-based market rates and thus their principal values approximate fair value.  The effect of a hypothetical 100 basis point decrease in interest rates prevailing at June 30, 2015 would increase the estimated fair value of our fixed rate debt by $266,885 to $7,615,172.  This estimate is based on the assumption of an immediate and parallel shift in interest rates across all maturities.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation was carried out under the supervision and with the participation of Cablevision's management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined under SEC rules).  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective as of June 30, 2015.

Changes in Internal Control

During the six months ended June 30, 2015, there were no changes in the Company's internal control over financial reporting that materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.

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CABLEVISION SYSTEMS CORPORATION AND SUBSIDIARIES

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Refer to Note 13 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our legal proceedings.

Item 6. Exhibits

(a) Index to Exhibits.

31.1	Section 302 Certification of the CEO.
31.2	Section 302 Certification of the CFO.
32	Section 906 Certifications of the CEO and CFO.
101	The following financial statements from Cablevision Systems Corporation's and CSC Holdings, LLC's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, filed with the Securities and Exchange Commission on August 7, 2015, formatted in XBRL (eXtensible Business Reporting Language):  (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Income; (iii) the Condensed Consolidated Statements of Comprehensive Income; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Combined Notes to Condensed Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. 

		CABLEVISION SYSTEMS CORPORATION
		CSC HOLDINGS, LLC
Date:	August 7, 2015		/s/ Brian G. Sweeney
		By:	Brian G. Sweeney as President and Chief Financial Officer of Cablevision Systems Corporation and CSC Holdings, LLC

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EX-31.1

Exhibit 31.1 

I, James L. Dolan, Chief Executive Officer of Cablevision Systems Corporation and CSC Holdings, LLC (the "Registrants"), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Registrants;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrants as of, and for, the periods presented in this quarterly report;

4.The Registrants' other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrants and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the Registrants' disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)disclosed in this quarterly report any change in the Registrants' internal control over financial reporting that occurred during the Registrants' most recent fiscal quarter (the Registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrants' internal control over financial reporting; and

5.The Registrants' other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants' auditors and the audit committee of each Registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants' ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants' internal control over financial reporting. 

Date:	August 7, 2015	By:	/s/ James L. Dolan
			James L. Dolan
			Chief Executive Officer

EX-31.2

Exhibit 31.2 

I, Brian Sweeney, President and Chief Financial Officer of Cablevision Systems Corporation and CSC Holdings, LLC (the "Registrants"), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Registrants;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrants as of, and for, the periods presented in this quarterly report;

4.The Registrants' other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrants and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the Registrants' disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)disclosed in this quarterly report any change in the Registrants' internal control over financial reporting that occurred during the Registrants' most recent fiscal quarter (the Registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrants' internal control over financial reporting; and

5.The Registrants' other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants' auditors and the audit committee of each Registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants' ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants' internal control over financial reporting. 

Date:	August 7, 2015	By:	/s/ Brian Sweeney
			Brian Sweeney
			President and Chief Financial Officer

EX-32

Exhibit 32 

Certifications 

Pursuant to 18 U.S.C. § 1350, each of the undersigned officers of Cablevision Systems Corporation ("Cablevision") and CSC Holdings, LLC ("CSC Holdings") hereby certifies, to such officer's knowledge, that Cablevision's and CSC Holdings' Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Cablevision and CSC Holdings. 

Date:	August 7, 2015	By:	/s/ James L. Dolan
			James L. Dolan
			Chief Executive Officer
Date:	August 7, 2015	By:	/s/ Brian Sweeney
			Brian Sweeney
			President and Chief Financial Officer

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SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Continuing Operations:
Property and equipment accrued but unpaid	$ 44,412	$ 41,593
Notes payable to vendor	8,318	34,522
Capital lease obligations	7,329	14,642
Intangible asset obligations	566	157
Supplemental Data [Abstract]
Cash interest paid - continuing operations	278,003	269,231
Income taxes paid, net - continuing operations	359	5,081
Restricted Stock
Non-Cash Investing and Financing Activities of Cablevision:
Dividends payable on unvested restricted share awards	2,444	1,830
CSC Holdings, LLC
Continuing Operations:
Property and equipment accrued but unpaid	44,412	41,593
Notes payable to vendor	8,318	34,522
Capital lease obligations	7,329	14,642
Intangible asset obligations	566	157
Supplemental Data [Abstract]
Cash interest paid - continuing operations	171,049	161,413
Income taxes paid, net - continuing operations	$ 359	$ 5,081

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SEGMENT INFORMATION, Sources of Revenue for Cable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	$ 1,653,393	$ 1,628,137	$ 3,268,164	$ 3,203,723
Cable
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	1,481,144	1,454,911	2,932,682	2,872,059
Cable | Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	812,547	805,852	1,613,515	1,599,298
Cable | High-speed data
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	370,170	354,376	733,042	701,275
Cable | Voice
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	232,059	226,833	463,652	446,955
Cable | Advertising
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	36,401	41,046	67,178	72,709
Cable | Other (including installation, advertising sales commissions, home shopping, and other products)
Revenue from External Customer [Line Items]
Revenues, net from continuing operations	$ 29,967	$ 26,804	$ 55,295	$ 51,822

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EQUITY PLANS, Valuation Assumptions (Details) - Jun. 30, 2015 - $ / shares	Total
Cablevision Systems Corporation 2015 Employee Stock Plan | Stock Options
Cablevision's Equity Plans [Abstract]
Expiration period from date of grant	10 years
Additional year due to death, expiration period	1 year
Cablevision Systems Corporation 2015 Employee Stock Plan | Stock Appreciation Rights (SARs)
Cablevision's Equity Plans [Abstract]
Expiration period from date of grant	10 years
Additional year due to death, expiration period	1 year
Cablevision Systems Corporation Employee Stock Plan | Stock Options
Cablevision's Equity Plans [Abstract]
Expiration period from date of grant	10 years
Vesting period	3 years
Annual vesting percentage (in hundredths)	33.33%
Assumptions Used to Calculate the Fair Value of Stock Option Awards Granted [Abstract]
Risk-free interest rate (in hundredths)	1.82%
Expected life (in years)	8 years
Dividend yield (in hundredths)	3.63%
Volatility (in hundredths)	39.98%
Grant date fair value (in dollars per share)	$ 5.45
CNYG Class A Common Stock | Cablevision Systems Corporation 2015 Employee Stock Plan
Cablevision's Equity Plans [Abstract]
Number of shares authorized	25,000,000

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SEGMENT INFORMATION, Reconciliation of Reportable Segments to Consolidated Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract]
Operating income for reportable segments	$ 244,464	$ 255,893	$ 468,215	$ 462,976
Items excluded from operating income:
Gain on investments, net	78,818	78,612	45,747	36,837
Gain (loss) on equity derivative contracts, net	(22,693)	(32,613)	23,473	6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735)	(7,687)	(1,735)	(8,298)
Miscellaneous, net	1,307	1,806	2,314	2,537
Income from continuing operations before income taxes	154,285	152,876	247,126	216,071
CSC Holdings, LLC
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract]
Operating income for reportable segments	244,464	255,893	468,215	462,976
Items excluded from operating income:
Interest expense	(90,339)	(87,580)	(179,891)	(172,800)
Gain on investments, net	78,818	78,612	45,747	36,837
Gain (loss) on equity derivative contracts, net	(22,693)	(32,613)	23,473	6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735)	(7,687)	(1,735)	(7,687)
Miscellaneous, net	1,307	1,806	2,314	2,537
Income from continuing operations before income taxes	221,997	220,548	382,475	352,101
Significant Reconciling Items | CSC Holdings, LLC
Operating Income (Loss) from Continuing Operations Before Income Taxes [Abstract]
Operating income for reportable segments	244,464	255,893	468,215	462,976
Items excluded from operating income:
Interest expense	(90,339)	(87,580)	(179,891)	(172,800)
Interest income	161	103	325	175
Intercompany interest income	12,014	12,014	24,027	24,027
Gain on investments, net	78,818	78,612	45,747	36,837
Gain (loss) on equity derivative contracts, net	(22,693)	(32,613)	23,473	6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735)	(7,687)	(1,735)	(7,687)
Miscellaneous, net	1,307	1,806	2,314	2,537
Income from continuing operations before income taxes	221,997	220,548	382,475	352,101
Significant Reconciling Items | Cablevision Systems Corporation
Items excluded from operating income:
Interest expense	(55,705)	(55,662)	(111,334)	(111,398)
Intercompany interest expense	(12,014)	(12,014)	(24,027)	(24,027)
Interest income	7	4	12	6
Loss on extinguishment of debt and write-off of deferred financing costs	$ 0	$ 0	$ 0	$ (611)

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DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Bresnan Cable and Clearview Cinemas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pretax gain (loss) recognized in connection with sale		$ 5,455
After tax gain (loss) recognized in connection with sale		$ 3,076
Compensation Related Claims
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, legal matter expense	$ 9,400
Statutory interest on legal matter of discontinued operations	8,400
Discontinued operations legal matter, aggregate expense, including statutory interest, net of taxes	$ 10,502

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RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Summary of Revenue and Charges (Credits) Related to Services Provided to or Received from AMC Networks and Madison Square Garden

The following table summarizes the revenue and charges (credits) related to services provided to or received from AMC Networks and Madison Square Garden reflected in continuing operations not discussed elsewhere in the accompanying combined notes to the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues, net	$	1,605	$	1,586	$	2,796	$	2,910
Operating expenses:
Technical expenses, net of credits (a)	$	44,426	$	45,714	$	89,363	$	91,782
Selling, general and administrative expenses, net of credits	1,502		1,014		3,430		2,316
Operating expenses, net	45,928		46,728		92,793		94,098
Net charges	$	44,323	$	45,142	$	89,997	$	91,188

(a) Technical expenses include primarily costs incurred by the Company for the carriage of the MSG networks and Fuse program services (2014 period only) of Madison Square Garden, as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (2015 period only) of AMC Networks on the Company's cable systems.  The Company also purchases certain programming signal transmission and production services from AMC Networks.

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract]
Revenues, net		$ 1,605	$ 1,586	$ 2,796	$ 2,910
Operating expenses:
Technical expenses, net of credits		44,426	45,714	89,363	91,782
Selling, general and administrative expenses, net of credits		1,502	1,014	3,430	2,316
AMC Networks Inc. and Madison Square Garden
Revenues and Charges (Credits) Related to Services Provided to or Received from Related Parties [Abstract]
Revenues, net		1,605	1,586	2,796	2,910
Operating expenses:
Technical expenses, net of credits	[1]	44,426	45,714	89,363	91,782
Selling, general and administrative expenses, net of credits		1,502	1,014	3,430	2,316
Operating expenses, net		45,928	46,728	92,793	94,098
Net charges		$ 44,323	$ 45,142	$ 89,997	$ 91,188

[1] Technical expenses include primarily costs incurred by the Company for the carriage of the MSG networks and Fuse program services (2014 period only) of Madison Square Garden, as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (2015 period only) of AMC Networks on the Company's cable systems. The Company also purchases certain programming signal transmission and production services from AMC Networks.

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GROSS VERSUS NET REVENUE RECOGNITION (Policies)

6 Months Ended

Jun. 30, 2015

Revenue Recognition [Abstract]

Gross Versus Net Revenue Recognition

In the normal course of business, the Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers.  The Company's policy is that, in instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities and amounts received from the customers are recorded on a gross basis.  That is, amounts paid to the governmental authorities are recorded as technical and operating expenses and amounts received from the customer are recorded as revenues.

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EQUITY PLANS, Restricted Stock Award Activity (Details) - 6 months ended Jun. 30, 2015 - Cablevision Systems Corporation Employee Stock Plan - USD ($) $ / shares in Units, $ in Thousands	Total
Restricted Stock
Restricted Shares [Roll Forward]
Unvested award balance at beginning of period (in shares)	5,314,870
Granted (in shares)	1,703,130
Vested (in shares)	(1,571,162)
Awards forfeited (in shares)	(292,265)
Unvested award balance at end of period (in shares)	5,154,573
Restricted Shares, Weighted Average Fair Value at Date of Grant [Roll Forward]
Unvested award balance at beginning of period, weighted average fair value per share at date of grant (in dollars per share)	$ 15.46
Granted, weighted average fair value per share at date of grant (in dollars per share)	19.17
Vested, weighted average fair value per share at date of grant (in dollars per share)	14.47
Awards forfeited, weighted average fair value per share at date of grant (in dollars per share)	16.47
Unvested award balance at end of period, weighted average fair value per share at date of grant (in dollars per share)	$ 16.94
Performance Based Restricted Stock
Restricted Shares [Roll Forward]
Unvested award balance at beginning of period (in shares)	2,035,300
Granted (in shares)	584,400
Vested (in shares)	(739,600)
Awards forfeited (in shares)	0
Unvested award balance at end of period (in shares)	1,880,100
Cablevision Systems Corporation | Restricted Stock
Restricted Shares [Roll Forward]
Vested (in shares)	(2,310,762)
Restricted Shares, Additional Disclosures [Abstract]
Number of restricted shares surrendered by employees (in shares)	977,749
Aggregate value of restricted shares surrendered by employees	$ 18,265

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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Impact and Location of Derivative Instruments within Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Prepaid forward contracts | Gain on Equity Derivative Contracts, Net | Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) Recognized in Income [Abstract]
Amount of gain (loss) recognized	$ (22,693)	$ (32,613)	$ 23,473	$ 6,036

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INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of Weighted Average Shares Used in Calculations of Basic and Diluted Net Income Per Share [Abstract]
Basic weighted average shares outstanding (in shares)	269,301	263,730	268,614	263,033
Effect of dilution [Abstract]
Stock options (in shares)	3,039	3,456	2,872	3,420
Restricted stock awards (in shares)	2,888	2,074	3,316	2,276
Diluted weighted average shares outstanding (in shares)	275,228	269,260	274,802	268,729
Stock Options
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract]
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares)	2,000	2,100	2,337	1,415
Restricted Stock
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract]
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares)	630	1,990	630	1,990
Performance Based Restricted Stock Units, Performance Criteria Not Yet Satisfied
Antidilutive Securities Excluded from Diluted Weighted Average Shares Outstanding [Abstract]
Antidilutive securities excluded from diluted weighted average shares outstanding (in shares)	1,812		1,812

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COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
	Jun. 30, 2015 Version
Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC
Cable Operations Litigation [Abstract]
Number of versions of complaint dismissed without prejudice by the District Court	3

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INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Abstract]
Income tax expense (benefit)	$ 78,609	$ 61,848		$ 116,549	$ 34,909
Effective tax rate (in hundredths)	51.00%	40.00%		47.00%	16.00%
Deferred tax on monetization	$ 16,334
Tax benefit from reversal of uncertain tax position liability			$ (53,132)
Consolidated federal net operating loss carryforwards	425,000			$ 425,000
Tax credit carryforward, amount	$ 58,000			$ 58,000
Effective tax rate absent certain items of tax expense or benefit (in hundredths)	40.00%			41.00%	41.00%
CSC Holdings, LLC
Income Taxes [Abstract]
Income tax expense (benefit)	$ 108,193	$ 91,227		$ 175,735	$ 93,025
Effective tax rate (in hundredths)	49.00%	41.00%		46.00%	26.00%
Deferred tax on monetization	$ 16,334
Tax benefit from reversal of uncertain tax position liability			$ (53,132)
Effective tax rate absent certain items of tax expense or benefit (in hundredths)	41.00%			42.00%	42.00%

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BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

NOTE 2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of Cablevision and CSC Holdings have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information.  Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.

The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

The financial statements as of June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 presented in this Form 10-Q are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

The accompanying condensed consolidated financial statements of Cablevision include the accounts of Cablevision and its majority-owned subsidiaries and the accompanying condensed consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. Cablevision has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Cablevision.  The condensed consolidated balance sheets and statements of income of Cablevision are essentially identical to the condensed consolidated balance sheets and statements of income of CSC Holdings, with the following significant exceptions: Cablevision has $2,794,626 of senior notes outstanding at June 30, 2015 (excluding the $611,455 aggregate principal amount of Cablevision notes held by its subsidiary Newsday Holdings LLC ("Newsday Holdings")) that were issued to third party investors, cash, deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued dividends on its balance sheet.  In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Cablevision.  Differences between Cablevision's results of operations and those of CSC Holdings primarily include incremental interest expense, interest income, the write-off of deferred financing costs, net of gain on extinguishment of debt, and income tax expense or benefit.  CSC Holdings' results of operations include incremental interest income from the Cablevision senior notes held by Newsday Holdings, which is eliminated in Cablevision's results of operations.

The combined notes to the condensed consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Cablevision and CSC Holdings.  All significant intercompany transactions and balances between Cablevision and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of condensed consolidated financial statements.  Intercompany transactions between Cablevision and CSC Holdings are not eliminated in the CSC Holdings condensed consolidated financial statements, but are eliminated in the Cablevision condensed consolidated financial statements.

The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2015.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncement

In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):  Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU No. 2014-08 change the criteria for reporting discontinued operations while enhancing certain disclosures.  Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be presented as discontinued operations.  In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations.  ASU No. 2014-08 was adopted by the Company on January 1, 2015 and did not have any impact on the Company's consolidated financial statements.

Recently Issued But Not Yet Adopted Accounting Pronouncement

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective and allows the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB approved deferring the effective date by one year so that ASU No. 2014-09 would become effective for the Company on January 1, 2018. The FASB also approved, in July 2015, permitting the early adoption of ASU No. 2014-09, but not before the original effective date for the Company as of January 1, 2017. The Company has not yet completed the evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Early adoption is permitted for financial statements that have not been previously issued. ASU No. 2015-03 becomes effective for the Company on January 1, 2016 and will be applied on a retrospective basis.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance becomes effective for the Company on January 1, 2016 with early adoption permitted. The Company can elect to adopt ASU No. 2015-05 prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not believe ASU No. 2015-05 will have a significant impact on its consolidated financial statements upon adoption on January 1, 2016.

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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Settlements of Collateralized Indebtedness (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Settlements of Collateralized Indebtedness [Abstract]
Number of shares (in shares)	8,069,934
Collateralized indebtedness settled	$ (326,446)
Derivative contracts settled	(65,746)
Repayment of collateralized indebtedness and related derivative contracts	(392,192)	$ (226,250)
Proceeds from new monetization contracts	467,804	$ 273,519
Net cash receipt	$ 75,612

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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Location of Assets and Liabilities Associated With Derivative Instruments Within the Condensed Consolidated Balance Sheets

The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets at June 30, 2015 and December 31, 2014:

Derivatives Not Designated as Hedging Instruments		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value at June 30, 2015		Fair Value at December 31, 2014		Fair Value at June 30, 2015		Fair Value at December 31, 2014
Prepaid forward contracts	Current derivative contracts	$	453	$	—	$	36,495	$	93,010
Prepaid forward contracts	Long-term derivative contracts	30,361		7,317		—		9,207
Total derivative contracts		$	30,814	$	7,317	$	36,495	$	102,217

Settlement of Collateralized Indebtedness

The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the six months ended June 30, 2015.  The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares.  The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price.

Number of shares	8,069,934
Collateralized indebtedness settled	$	(326,446	)
Derivative contracts settled	(65,746		)
	(392,192		)
Proceeds from new monetization contracts	467,804
Net cash receipt	$	75,612

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Non-Cash Investing and Financing Activities and Other Supplemental Data

During the six months ended June 30, 2015 and 2014, the Company's non-cash investing and financing activities and other supplemental data were as follows:

	Six Months Ended June 30,
	2015		2014
Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings:
Continuing Operations:
Property and equipment accrued but unpaid	$	44,412	$	41,593
Notes payable to vendor	8,318		34,522
Capital lease obligations	7,329		14,642
Intangible asset obligations	566		157
Non-Cash Investing and Financing Activities of Cablevision:
Dividends payable on unvested restricted share awards	2,444		1,830
Supplemental Data:
Continuing Operations - Cablevision:
Cash interest paid	278,003		269,231
Income taxes paid, net	359		5,081
Continuing Operations - CSC Holdings:
Cash interest paid	171,049		161,413
Income taxes paid, net	359		5,081

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SEGMENT INFORMATION, Capital Expenditures by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information, Capital Expenditures [Abstract]
Capital expenditures	$ 214,674	$ 239,118	$ 381,305	$ 425,193
Reportable Segments | Cable
Segment Reporting Information, Capital Expenditures [Abstract]
Capital expenditures	185,997	207,255	319,568	352,580
Reportable Segments | Lightpath
Segment Reporting Information, Capital Expenditures [Abstract]
Capital expenditures	23,062	26,097	46,794	52,967
Reportable Segments | Other
Segment Reporting Information, Capital Expenditures [Abstract]
Capital expenditures	$ 5,615	$ 5,766	$ 14,943	$ 19,646

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FAIR VALUE MEASUREMENT, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Liabilities under derivative contracts [Abstract]
Impairment charges for goodwill, indefinite-lived cable television franchises, trademarks and other indefinite-lived intangible assets	$ 0
Fair Value Measured on a Recurring Basis
Assets:
Money market funds		$ 706,792,000	$ 736,330,000
Investment securities		132,000	132,000
Investment securities pledged as collateral		1,291,664,000	1,245,916,000
Prepaid forward contracts		30,814,000	7,317,000
Liabilities under derivative contracts [Abstract]
Prepaid forward contracts		36,495,000	102,217,000
Fair Value Measured on a Recurring Basis | Level I
Assets:
Money market funds		706,792,000	736,330,000
Investment securities		132,000	132,000
Investment securities pledged as collateral		1,291,664,000	1,245,916,000
Prepaid forward contracts		0	0
Liabilities under derivative contracts [Abstract]
Prepaid forward contracts		0	0
Fair Value Measured on a Recurring Basis | Level II
Assets:
Money market funds		0	0
Investment securities		0	0
Investment securities pledged as collateral		0	0
Prepaid forward contracts		30,814,000	7,317,000
Liabilities under derivative contracts [Abstract]
Prepaid forward contracts		36,495,000	102,217,000
Fair Value Measured on a Recurring Basis | Level III
Assets:
Money market funds		0	0
Investment securities		0	0
Investment securities pledged as collateral		0	0
Prepaid forward contracts		0	0
Liabilities under derivative contracts [Abstract]
Prepaid forward contracts		$ 0	$ 0

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FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014:

	At June 30, 2015
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	706,792	$	—	$	—	$	706,792
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,291,664		—		—		1,291,664
Prepaid forward contracts	—		30,814		—		30,814
Liabilities:
Prepaid forward contracts	—		36,495		—		36,495

	At December 31, 2014
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	736,330	$	—	$	—	$	736,330
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,245,916		—		—		1,245,916
Prepaid forward contracts	—		7,317		—		7,317
Liabilities:
Prepaid forward contracts	—		102,217		—		102,217

Carrying Amounts, Estimated Fair Values and Classification Under the Fair Value Hierarchy of Financial Instruments, Excluding Those Carried at Fair Value

The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying condensed consolidated balance sheets, are summarized as follows:

		June 30, 2015
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	661,702
Debt instruments:
Credit facility debt (b)	Level II	$	2,551,429	$	2,555,560
Collateralized indebtedness	Level II	1,127,541		1,111,901
Senior notes and debentures	Level II	3,063,578		3,249,629
Notes payable	Level II	23,818		23,704
CSC Holdings total debt instruments		6,766,366		6,940,794
Cablevision senior notes	Level II	2,794,626		2,963,053
Cablevision total debt instruments		$	9,560,992	$	9,903,847

		December 31, 2014
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	680,587
Debt instruments:
Credit facility debt (b)	Level II	$	2,780,649	$	2,785,975
Collateralized indebtedness	Level II	986,183		957,803
Senior notes and debentures	Level II	3,062,126		3,368,875
Notes payable	Level II	23,911		23,682
CSC Holdings total debt instruments		6,852,869		7,136,335
Cablevision senior notes	Level II	2,793,741		3,048,387
Cablevision total debt instruments		$	9,646,610	$	10,184,722

(a) These notes are eliminated at the consolidated Cablevision level.

(b) The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value.

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EQUITY PLANS (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Assumptions Used to Calculate the Fair Value of Stock Option Awards

The following assumptions were used to calculate the fair value of the stock options award granted in the first quarter of 2015:

Risk-free interest rate	1.82		%
Expected life (in years)	8 years
Dividend yield	3.63		%
Volatility	39.98		%
Grant date fair value	$	5.45

Activity for Stock Options

The following table summarizes activity relating to Company employees who held Cablevision stock options for the six months ended June 30, 2015:

	Shares Under Option				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)
	Time Vesting Options		Performance Based Vesting Options					Aggregate Intrinsic Value (a)
Balance, December 31, 2014	5,097,666		7,633,500		$	14.41	7.17	$	79,347
Granted	2,000,000		—		19.17
Exercised	(302,500	)	(736,383	)	12.74
Balance, June 30, 2015	6,795,166		6,897,117		$	15.23	7.26	$	119,267
Options exercisable at June 30, 2015	795,166		6,897,117		$	13.90	6.15	$	77,207
Options expected to vest in the future	6,000,000		—		$	16.93	8.68	$	42,060

(a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on June 30, 2015 or December 31, 2014, as indicated, and June 30, 2015 in the case of options exercisable and options expected to vest in the future.

Activity for Restricted Shares

The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the six months ended June 30, 2015:

	Number of Restricted Shares		Number of Performance Based Restricted Shares		Weighted Average Fair Value Per Share at Date of Grant
Unvested award balance, December 31, 2014	5,314,870		2,035,300		$	15.46
Granted	1,703,130		584,400		19.17
Vested	(1,571,162	)	(739,600	)	14.47
Awards forfeited	(292,265	)	—		16.47
Unvested award balance, June 30, 2015	5,154,573		1,880,100		16.94

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BUSINESS

6 Months Ended

Jun. 30, 2015

BUSINESS [Abstract]

BUSINESS

NOTE 1. BUSINESS

Cablevision Systems Corporation ("Cablevision"), through its wholly-owned subsidiary CSC Holdings, LLC ("CSC Holdings," and collectively with Cablevision, the "Company") owns and operates cable systems and owns companies that provide regional news, local programming and advertising sales services for the cable television industry, provide Ethernet-based data, Internet, voice and video transport and managed services to the business market, and operate a newspaper publishing business.  The Company classifies its operations into three reportable segments: (1) Cable, consisting principally of its video, high-speed data, and Voice over Internet Protocol ("VoIP") operations, (2) Lightpath, which provides Ethernet-based data, Internet, voice and video transport and managed services to the business market in the New York metropolitan area; and (3) Other, consisting principally of (i) Newsday, which includes the Newsday daily newspaper, amNew York, Star Community Publishing Group, and online websites, (ii) the News 12 Networks, which provide regional news programming services, (iii) Cablevision Media Sales Corporation ("Cablevision Media Sales"), a cable television advertising company, and (iv) certain other businesses and unallocated corporate costs.

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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Information as to the Operations of the Company's Reportable Business Segments

The Company's reportable segments are strategic business units that are managed separately.  The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment adjusted operating cash flow ("AOCF") (defined as operating income (loss) excluding depreciation and amortization (including impairments), share-based compensation expense or benefit and restructuring expense or credits), a non-GAAP measure.  The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net from continuing operations
Cable	$	1,481,144		$	1,454,911		$	2,932,682		$	2,872,059
Lightpath	91,040			88,030			182,164			174,784
Other	91,311			94,868			173,091			176,350
Inter-segment eliminations (a)	(10,102		)	(9,672		)	(19,773		)	(19,470		)
	$	1,653,393		$	1,628,137		$	3,268,164		$	3,203,723
Inter-segment revenues
Cable	$	(836	)	$	(436	)	$	(1,116	)	$	(961	)
Lightpath	(4,646		)	(4,554		)	(9,391		)	(9,167		)
Other	(4,620		)	(4,682		)	(9,266		)	(9,342		)
	$	(10,102	)	$	(9,672	)	$	(19,773	)	$	(19,470	)
Adjusted operating cash flow (deficit) from continuing operations
Cable	$	462,697		$	478,875		$	909,252		$	921,907
Lightpath	43,762			39,262			87,157			77,745
Other	(32,131		)	(30,809		)	(68,051		)	(78,035		)
	$	474,328		$	487,328		$	928,358		$	921,617

Depreciation and amortization (including impairments) included in continuing operations
Cable (b)	$	(183,370	)	$	(190,649	)	$	(369,615	)	$	(375,855	)
Lightpath (b)	(21,503		)	(20,897		)	(44,241		)	(40,501		)
Other	(9,056		)	(9,542		)	(18,973		)	(19,017		)
	$	(213,929	)	$	(221,088	)	$	(432,829	)	$	(435,373	)
Share-based compensation expense included in continuing operations
Cable	$	(10,718	)	$	(7,519	)	$	(18,929	)	$	(15,602	)
Lightpath	(1,926		)	(1,357		)	(3,308		)	(2,776		)
Other	(3,295		)	(1,819		)	(5,613		)	(4,223		)
	$	(15,939	)	$	(10,695	)	$	(27,850	)	$	(22,601	)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Restructuring credits (expense) included in continuing operations
Cable	$	—	$	141	$	—	$	19
Lightpath	—		11		—		15
Other	4		196		536		(701		)
	$	4	$	348	$	536	$	(667	)

Operating income (loss) from continuing operations
Cable	$	268,609		$	280,848		$	520,708		$	530,469
Lightpath	20,333			17,019			39,608			34,483
Other	(44,478		)	(41,974		)	(92,101		)	(101,976		)
	$	244,464		$	255,893		$	468,215		$	462,976

(a) Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming and voice services to our Cable segment.

(b) The Cable and Lightpath segments share portions of each other's network infrastructure.  Depreciation charges are recorded by the segment that acquired the respective asset.

Sources of Revenue for Cable Segment

For the three and six months ended June 30, 2015 and 2014, Cable segment revenue was derived from the following sources:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)	$	812,547	$	805,852	$	1,613,515	$	1,599,298
High-speed data	370,170		354,376		733,042		701,275
Voice	232,059		226,833		463,652		446,955
Advertising	36,401		41,046		67,178		72,709
Other (including installation, advertising sales commissions, home shopping, and other products)	29,967		26,804		55,295		51,822
	$	1,481,144	$	1,454,911	$	2,932,682	$	2,872,059

Reconciliation of Reportable Segment Amounts to Cablevision's and CSC Holdings' Consolidated Balances

A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows:
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Operating income for reportable segments	$	244,464		$	255,893		$	468,215		$	462,976
Items excluded from operating income:
CSC Holdings interest expense	(90,339		)	(87,580		)	(179,891		)	(172,800		)
CSC Holdings interest income	161			103			325			175
CSC Holdings intercompany interest income	12,014			12,014			24,027			24,027
Gain on investments, net	78,818			78,612			45,747			36,837
Gain (loss) on equity derivative contracts, net	(22,693		)	(32,613		)	23,473			6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	(7,687		)	(1,735		)	(7,687		)
Miscellaneous, net	1,307			1,806			2,314			2,537
CSC Holdings income from continuing operations before income taxes	221,997			220,548			382,475			352,101
Cablevision interest expense	(55,705		)	(55,662		)	(111,334		)	(111,398		)
Intercompany interest expense	(12,014		)	(12,014		)	(24,027		)	(24,027		)
Cablevision interest income	7			4			12			6
Write-off of deferred financing costs, net of gain on extinguishment of debt	—			—			—			(611		)
Cablevision income from continuing operations before income taxes	$	154,285		$	152,876		$	247,126		$	216,071

Capital Expenditures by Reportable Segment

The following table summarizes the Company's capital expenditures by reportable segment for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Capital expenditures
Cable	$	185,997	$	207,255	$	319,568	$	352,580
Lightpath	23,062		26,097		46,794		52,967
Other	5,615		5,766		14,943		19,646
	$	214,674	$	239,118	$	381,305	$	425,193

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DEBT, Repayment of Credit Facility Debt (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Credit Facility Debt [Abstract]
Prepayment of credit facility debt	$ 200,000	$ 230,415	$ 759,861
Loss on extinguishment of debt		(731)
Unamortized deferred financing costs written off		$ 1,004

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SEGMENT INFORMATION, Reportable Segments (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Segment	Jun. 30, 2014 USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | Segment				3
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		$ 1,653,393	$ 1,628,137	$ 3,268,164	$ 3,203,723
Adjusted operating cash flow (deficit) from continuing operations		474,328	487,328	928,358	921,617
Depreciation and amortization (including impairments) included in continuing operations		(213,929)	(221,088)	(432,829)	(435,373)
Share-based compensation expense included in continuing operations		(15,939)	(10,695)	(27,850)	(22,601)
Restructuring credits (expense) included in continuing operations		4	348	536	(667)
Operating income (loss) from continuing operations		244,464	255,893	468,215	462,976
Cable
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		1,481,144	1,454,911	2,932,682	2,872,059
Reportable Segments
Segment Reporting Information, Income (Loss) [Abstract]
Operating income (loss) from continuing operations		244,464	255,893	468,215	462,976
Reportable Segments | Cable
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		1,481,144	1,454,911	2,932,682	2,872,059
Adjusted operating cash flow (deficit) from continuing operations		462,697	478,875	909,252	921,907
Depreciation and amortization (including impairments) included in continuing operations	[1]	(183,370)	(190,649)	(369,615)	(375,855)
Share-based compensation expense included in continuing operations		(10,718)	(7,519)	(18,929)	(15,602)
Restructuring credits (expense) included in continuing operations		0	141	0	19
Operating income (loss) from continuing operations		268,609	280,848	520,708	530,469
Reportable Segments | Lightpath
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		91,040	88,030	182,164	174,784
Adjusted operating cash flow (deficit) from continuing operations		43,762	39,262	87,157	77,745
Depreciation and amortization (including impairments) included in continuing operations	[1]	(21,503)	(20,897)	(44,241)	(40,501)
Share-based compensation expense included in continuing operations		(1,926)	(1,357)	(3,308)	(2,776)
Restructuring credits (expense) included in continuing operations		0	11	0	15
Operating income (loss) from continuing operations		20,333	17,019	39,608	34,483
Reportable Segments | Other
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		91,311	94,868	173,091	176,350
Adjusted operating cash flow (deficit) from continuing operations		(32,131)	(30,809)	(68,051)	(78,035)
Depreciation and amortization (including impairments) included in continuing operations		(9,056)	(9,542)	(18,973)	(19,017)
Share-based compensation expense included in continuing operations		(3,295)	(1,819)	(5,613)	(4,223)
Restructuring credits (expense) included in continuing operations		4	196	536	(701)
Operating income (loss) from continuing operations		(44,478)	(41,974)	(92,101)	(101,976)
Inter-segment Eliminations
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations	[2]	(10,102)	(9,672)	(19,773)	(19,470)
Inter-segment Eliminations | Cable
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		(836)	(436)	(1,116)	(961)
Inter-segment Eliminations | Lightpath
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		(4,646)	(4,554)	(9,391)	(9,167)
Inter-segment Eliminations | Other
Segment Reporting Information, Income (Loss) [Abstract]
Revenues, net from continuing operations		$ (4,620)	$ (4,682)	$ (9,266)	$ (9,342)

[1] The Cable and Lightpath segments share portions of each other's network infrastructure. Depreciation charges are recorded by the segment that acquired the respective asset.

[2] Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming and voice services to our Cable segment.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 796,565	$ 850,413
Accounts receivable, trade (less allowance for doubtful accounts of $12,073 and $12,112)	286,057	277,526
Prepaid expenses and other current assets	166,466	140,094
Amounts due from affiliates	1,096	1,732
Deferred tax asset	0	37,943
Investment securities pledged as collateral	645,832	622,958
Derivative contracts	453	0
Total current assets	1,896,469	1,930,666
Property, plant and equipment, net of accumulated depreciation of $9,515,072 and $9,454,315	2,978,229	3,025,747
Investment securities pledged as collateral	645,832	622,958
Derivative contracts	30,361	7,317
Other assets	34,372	44,505
Amortizable intangible assets, net of accumulated amortization of $63,385 and $60,018	39,564	36,781
Indefinite-lived cable television franchises	731,848	731,848
Trademarks and other indefinite-lived intangible assets	7,250	7,250
Goodwill	264,690	264,690
Deferred financing costs, net of accumulated amortization	83,454	93,409
Total assets	6,712,069	6,765,171
Current Liabilities:
Accounts payable	424,083	431,761
Accrued liabilities	583,482	584,446
Amounts due to affiliates	30,514	29,651
Deferred tax liability	93,093	0
Deferred revenue	54,559	52,932
Liabilities under derivative contracts	36,495	93,010
Credit facility debt	59,813	61,849
Collateralized indebtedness	516,635	466,335
Capital lease obligations	19,252	17,216
Notes payable	17,500	12,968
Total current liabilities	1,835,426	1,750,168
Deferred revenue	5,174	4,701
Liabilities under derivative contracts	0	9,207
Other liabilities	239,792	287,367
Deferred tax liability	590,534	611,088
Credit facility debt	2,491,616	2,718,800
Collateralized indebtedness	610,906	519,848
Capital lease obligations	25,278	29,196
Notes payable	6,318	10,943
Senior notes and debentures	5,858,204	5,855,867
Total liabilities	$ 11,663,248	$ 11,797,185
Commitments and contingencies
Redeemable noncontrolling interests	$ 8,248	$ 8,676
Stockholders' Deficiency:
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued	0	0
Paid-in capital	786,342	823,103
Accumulated deficit	(4,114,632)	(4,234,860)
Total stockholders' deficiency/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest	(3,324,712)	(3,408,213)
Treasury stock, at cost (81,392,928 and 80,122,914 CNYG Class A common shares)	(1,609,289)	(1,591,021)
Accumulated other comprehensive loss	(25,146)	(42,235)
Total stockholders' deficiency	(4,959,147)	(5,041,469)
Noncontrolling interest	(280)	779
Total deficiency	(4,959,427)	(5,040,690)
Total liabilities and stockholders' deficiency	6,712,069	6,765,171
CNYG Class A Common Stock
Stockholders' Deficiency:
Common stock	3,037	3,003
CNYG Class B Common Stock
Stockholders' Deficiency:
Common stock	541	541
RMG Class A Common Stock
Stockholders' Deficiency:
Common stock	0	0
RMG Class B Common Stock
Stockholders' Deficiency:
Common stock	0	0
CSC Holdings, LLC
Current Assets:
Cash and cash equivalents	756,387	813,396
Accounts receivable, trade (less allowance for doubtful accounts of $12,073 and $12,112)	286,057	277,526
Prepaid expenses and other current assets	163,980	131,891
Amounts due from affiliates	888	1,694
Investment securities pledged as collateral	645,832	622,958
Derivative contracts	453	0
Total current assets	1,853,597	1,847,465
Property, plant and equipment, net of accumulated depreciation of $9,515,072 and $9,454,315	2,978,229	3,025,747
Investment securities pledged as collateral	645,832	622,958
Derivative contracts	30,361	7,317
Other assets	34,372	44,505
Amortizable intangible assets, net of accumulated amortization of $63,385 and $60,018	39,564	36,781
Indefinite-lived cable television franchises	731,848	731,848
Trademarks and other indefinite-lived intangible assets	7,250	7,250
Goodwill	264,690	264,690
Deferred financing costs, net of accumulated amortization	53,010	59,470
Total assets	6,638,753	6,648,031
Current Liabilities:
Accounts payable	424,083	431,761
Accrued liabilities	524,998	525,774
Amounts due to affiliates	260,089	135,636
Deferred tax liability	160,378	105,285
Deferred revenue	54,559	52,932
Liabilities under derivative contracts	36,495	93,010
Credit facility debt	59,813	61,849
Collateralized indebtedness	516,635	466,335
Capital lease obligations	19,252	17,216
Notes payable	17,500	12,968
Total current liabilities	2,073,802	1,902,766
Deferred revenue	5,174	4,701
Liabilities under derivative contracts	0	9,207
Other liabilities	236,656	282,920
Deferred tax liability	607,111	626,367
Credit facility debt	2,491,616	2,718,800
Collateralized indebtedness	610,906	519,848
Capital lease obligations	25,278	29,196
Notes payable	6,318	10,943
Senior notes and debentures	3,063,578	3,062,126
Total liabilities	$ 9,120,439	$ 9,166,874
Commitments and contingencies
Redeemable noncontrolling interests	$ 8,248	$ 8,676
Stockholders' Deficiency:
Accumulated deficit	(1,862,371)	(2,024,065)
Senior notes due from Cablevision	(611,455)	(611,455)
Other member's equity (17,631,479 membership units issued and outstanding)	9,318	149,457
Total stockholders' deficiency/member's deficiency before treasury stock, accumulated other comprehensive loss and noncontrolling interest	(2,464,508)	(2,486,063)
Accumulated other comprehensive loss	(25,146)	(42,235)
Total stockholders' deficiency	(2,489,654)	(2,528,298)
Noncontrolling interest	(280)	779
Total deficiency	(2,489,934)	(2,527,519)
Total liabilities and stockholders' deficiency	$ 6,638,753	$ 6,648,031

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FAIR VALUE MEASUREMENT, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Debt instruments:
Total debt instruments		$ 9,560,992	$ 9,646,610
Estimated Fair Value
Debt instruments:
Total debt instruments		9,903,847	10,184,722
CSC Holdings, LLC | Carrying Amount
Debt instruments:
Total debt instruments		6,766,366	6,852,869
CSC Holdings, LLC | Carrying Amount | Level II
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC	[1]	611,455	611,455
Debt instruments:
Credit facility debt	[2]	2,551,429	2,780,649
Collateralized indebtedness		1,127,541	986,183
Senior notes and debentures		3,063,578	3,062,126
Notes payable		23,818	23,911
CSC Holdings, LLC | Estimated Fair Value
Debt instruments:
Total debt instruments		6,940,794	7,136,335
CSC Holdings, LLC | Estimated Fair Value | Level II
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC	[1]	661,702	680,587
Debt instruments:
Credit facility debt	[2]	2,555,560	2,785,975
Collateralized indebtedness		1,111,901	957,803
Senior notes and debentures		3,249,629	3,368,875
Notes payable		23,704	23,682
Cablevision Systems Corporation | Carrying Amount | Level II
Debt instruments:
Senior notes and debentures		2,794,626	2,793,741
Cablevision Systems Corporation | Estimated Fair Value | Level II
Debt instruments:
Senior notes and debentures		$ 2,963,053	$ 3,048,387

[1] These notes are eliminated at the consolidated Cablevision level.

[2] The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 75,676	$ 94,538	$ 120,075	$ 184,238
Defined benefit pension plans and postretirement plans:
Unrecognized actuarial gain (loss)	11,041	5,279	26,449	(5,298)
Applicable income taxes	(4,526)	(2,163)	(10,843)	2,170
Unrecognized income (loss) arising during period, net of income taxes	6,515	3,116	15,606	(3,128)
Amortization of actuarial losses, net included in net periodic benefit cost	237	678	802	1,237
Applicable income taxes	(95)	(278)	(327)	(507)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes	142	400	475	730
Settlement loss included in net periodic benefit cost	755	1,482	1,709	3,328
Applicable income taxes	(310)	(607)	(701)	(1,363)
Settlement loss included in net periodic benefit cost, net of income taxes	445	875	1,008	1,965
Other comprehensive income (loss)	7,102	4,391	17,089	(433)
Comprehensive income	82,778	98,929	137,164	183,805
Comprehensive loss (income) attributable to noncontrolling interests	(81)	(328)	153	(265)
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	82,697	98,601	137,317	183,540
CSC Holdings, LLC
Net income	113,804	132,831	196,238	262,152
Defined benefit pension plans and postretirement plans:
Unrecognized actuarial gain (loss)	11,041	5,279	26,449	(5,298)
Applicable income taxes	(4,526)	(2,163)	(10,843)	2,170
Unrecognized income (loss) arising during period, net of income taxes	6,515	3,116	15,606	(3,128)
Amortization of actuarial losses, net included in net periodic benefit cost	237	678	802	1,237
Applicable income taxes	(95)	(278)	(327)	(507)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes	142	400	475	730
Settlement loss included in net periodic benefit cost	755	1,482	1,709	3,328
Applicable income taxes	(310)	(607)	(701)	(1,363)
Settlement loss included in net periodic benefit cost, net of income taxes	445	875	1,008	1,965
Other comprehensive income (loss)	7,102	4,391	17,089	(433)
Comprehensive income	120,906	137,222	213,327	261,719
Comprehensive loss (income) attributable to noncontrolling interests	(81)	(328)	153	(265)
Comprehensive income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	$ 120,825	$ 136,894	$ 213,480	$ 261,454

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BASIS OF PRESENTATION (Details) - Cablevision Systems Corporation $ in Thousands	Jun. 30, 2015 USD ($)
Basis of Presentation [Abstract]
Senior notes, principal outstanding	$ 2,794,626
Senior notes due to Newsday	$ 611,455

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 15. RELATED PARTY TRANSACTIONS

The following table summarizes the revenue and charges (credits) related to services provided to or received from AMC Networks and Madison Square Garden reflected in continuing operations not discussed elsewhere in the accompanying combined notes to the condensed consolidated financial statements:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues, net	$	1,605	$	1,586	$	2,796	$	2,910
Operating expenses:
Technical expenses, net of credits (a)	$	44,426	$	45,714	$	89,363	$	91,782
Selling, general and administrative expenses, net of credits	1,502		1,014		3,430		2,316
Operating expenses, net	45,928		46,728		92,793		94,098
Net charges	$	44,323	$	45,142	$	89,997	$	91,188

(a) Technical expenses include primarily costs incurred by the Company for the carriage of the MSG networks and Fuse program services (2014 period only) of Madison Square Garden, as well as for AMC, WE tv, IFC, Sundance Channel and BBC America (2015 period only) of AMC Networks on the Company's cable systems.  The Company also purchases certain programming signal transmission and production services from AMC Networks.

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DIVIDENDS (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
	May. 01, 2015	Feb. 24, 2015	Jun. 30, 2015	Jun. 30, 2014
Dividends [Abstract]
Dividends paid by Cablevision			$ 84,669	$ 80,630
Maximum dividends to be paid when, and if, restrictions lapse on restricted shares outstanding			6,828
CSC Holdings, LLC
Dividends [Abstract]
Distributions paid to Cablevision			214,135
Restricted Stock
Dividends [Abstract]
Dividends paid by Cablevision			$ 3,935
CNYG Class A Common Stock | Dividend Declared 2015 Q1
Dividends [Abstract]
Dividend, declaration date		Feb. 24, 2015
Dividend per share (in dollars per share)		$ 0.15
Dividend, record date		Mar. 16, 2015
Dividend, payment date		Apr. 03, 2015
CNYG Class A Common Stock | Dividend Declared 2015 Q2
Dividends [Abstract]
Dividend, declaration date	May 01, 2015
Dividend per share (in dollars per share)	$ 0.15
Dividend, record date	May 22, 2015
Dividend, payment date	Jun. 12, 2015
CNYG Class B Common Stock | Dividend Declared 2015 Q1
Dividends [Abstract]
Dividend, declaration date		Feb. 24, 2015
Dividend per share (in dollars per share)		$ 0.15
Dividend, record date		Mar. 16, 2015
Dividend, payment date		Apr. 03, 2015
CNYG Class B Common Stock | Dividend Declared 2015 Q2
Dividends [Abstract]
Dividend, declaration date	May 01, 2015
Dividend per share (in dollars per share)	$ 0.15
Dividend, record date	May 22, 2015
Dividend, payment date	Jun. 12, 2015

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BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting

The accompanying unaudited condensed consolidated financial statements of Cablevision and CSC Holdings have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information.  Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.

Principles of Consolidation

The accompanying condensed consolidated financial statements of Cablevision include the accounts of Cablevision and its majority-owned subsidiaries and the accompanying condensed consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. Cablevision has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Cablevision.  The condensed consolidated balance sheets and statements of income of Cablevision are essentially identical to the condensed consolidated balance sheets and statements of income of CSC Holdings, with the following significant exceptions: Cablevision has $2,794,626 of senior notes outstanding at June 30, 2015 (excluding the $611,455 aggregate principal amount of Cablevision notes held by its subsidiary Newsday Holdings LLC ("Newsday Holdings")) that were issued to third party investors, cash, deferred financing costs and accrued interest related to its senior notes, deferred taxes and accrued dividends on its balance sheet.  In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Cablevision.  Differences between Cablevision's results of operations and those of CSC Holdings primarily include incremental interest expense, interest income, the write-off of deferred financing costs, net of gain on extinguishment of debt, and income tax expense or benefit.  CSC Holdings' results of operations include incremental interest income from the Cablevision senior notes held by Newsday Holdings, which is eliminated in Cablevision's results of operations.

The combined notes to the condensed consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Cablevision and CSC Holdings.  All significant intercompany transactions and balances between Cablevision and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of condensed consolidated financial statements.  Intercompany transactions between Cablevision and CSC Holdings are not eliminated in the CSC Holdings condensed consolidated financial statements, but are eliminated in the Cablevision condensed consolidated financial statements.

Use of Estimates in Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncement

In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360):  Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU No. 2014-08 change the criteria for reporting discontinued operations while enhancing certain disclosures.  Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity's operations and financial results should be presented as discontinued operations.  In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations and disposals of individually significant components that do not qualify as discontinued operations.  ASU No. 2014-08 was adopted by the Company on January 1, 2015 and did not have any impact on the Company's consolidated financial statements.

Recently Issued But Not Yet Adopted Accounting Pronouncement

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective and allows the use of either the retrospective or cumulative effect transition method. In July 2015, the FASB approved deferring the effective date by one year so that ASU No. 2014-09 would become effective for the Company on January 1, 2018. The FASB also approved, in July 2015, permitting the early adoption of ASU No. 2014-09, but not before the original effective date for the Company as of January 1, 2017. The Company has not yet completed the evaluation of the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures.

In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Early adoption is permitted for financial statements that have not been previously issued. ASU No. 2015-03 becomes effective for the Company on January 1, 2016 and will be applied on a retrospective basis.

In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The new guidance becomes effective for the Company on January 1, 2016 with early adoption permitted. The Company can elect to adopt ASU No. 2015-05 prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company does not believe ASU No. 2015-05 will have a significant impact on its consolidated financial statements upon adoption on January 1, 2016.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 120,075	$ 184,238
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations, net of income taxes	10,502	(3,076)
Depreciation and amortization (including impairments)	432,829	435,373
Gain on investments, net	(45,747)	(36,837)
Gain on equity derivative contracts, net	(23,473)	(6,036)
Loss on extinguishment of debt and write-off of deferred financing costs	1,735	8,298
Amortization of deferred financing costs and discounts on indebtedness	11,760	11,324
Share-based compensation expense related to equity classified awards	27,850	22,601
Settlement loss and amortization of actuarial losses related to pension and postretirement plans	2,511	4,565
Deferred income taxes	105,909	81,485
Provision for doubtful accounts	16,128	21,043
Excess tax benefit related to share-based awards	(4,323)	(746)
Changes in other assets and liabilities	(71,521)	(14,754)
Net cash provided by operating activities	584,235	707,478
Cash flows from investing activities:
Capital expenditures	(381,305)	(425,193)
Proceeds related to sale of equipment, including costs of disposal	3,219	3,209
Increase in other investments	(393)	(616)
Additions to other intangible assets	(7,032)	(540)
Net cash used in investing activities	(385,511)	(423,140)
Cash flows from financing activities:
Repayment of credit facility debt	(230,415)	(759,861)
Repayment of notes payable	(2,458)	(2,306)
Proceeds from issuance of senior notes	0	750,000
Repurchase of senior notes, including premiums and fees	0	(27,173)
Proceeds from collateralized indebtedness	467,804	273,519
Repayment of collateralized indebtedness and related derivative contracts	(392,192)	(226,250)
Proceeds from stock option exercises	13,451	21,159
Dividend distributions to common stockholders	(84,669)	(80,630)
Principal payments on capital lease obligations	(9,028)	(7,030)
Deemed repurchases of restricted stock	(18,265)	(6,608)
Additions to deferred financing costs	0	(13,579)
Distributions to noncontrolling interests, net	(901)	(778)
Excess tax benefit related to share-based awards	4,323	746
Net cash used in financing activities	(252,350)	(78,791)
Net increase (decrease) in cash and cash equivalents from continuing operations	(53,626)	205,547
Cash flows of discontinued operations:
Net cash used in operating activities	(192)	(786)
Net cash used in investing activities	(30)	(196)
Net decrease in cash and cash equivalents from discontinued operations	(222)	(982)
Cash and cash equivalents at beginning of year	850,413	702,224
Cash and cash equivalents at end of period	796,565	906,789
CSC Holdings, LLC
Cash flows from operating activities:
Net income	196,238	262,152
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from discontinued operations, net of income taxes	10,502	(3,076)
Depreciation and amortization (including impairments)	432,829	435,373
Gain on investments, net	(45,747)	(36,837)
Gain on equity derivative contracts, net	(23,473)	(6,036)
Loss on extinguishment of debt and write-off of deferred financing costs	1,735	7,687
Amortization of deferred financing costs and discounts on indebtedness	7,380	7,263
Share-based compensation expense related to equity classified awards	27,850	22,601
Settlement loss and amortization of actuarial losses related to pension and postretirement plans	2,511	4,565
Deferred income taxes	31,264	(19,940)
Provision for doubtful accounts	16,128	21,043
Excess tax benefit related to share-based awards	(10,795)	(1,587)
Changes in other assets and liabilities	52,832	140,803
Net cash provided by operating activities	699,254	834,011
Cash flows from investing activities:
Capital expenditures	(381,305)	(425,193)
Proceeds related to sale of equipment, including costs of disposal	3,219	3,209
Increase in other investments	(393)	(616)
Additions to other intangible assets	(7,032)	(540)
Net cash used in investing activities	(385,511)	(423,140)
Cash flows from financing activities:
Repayment of credit facility debt	(230,415)	(759,861)
Repayment of notes payable	(2,458)	(2,306)
Proceeds from issuance of senior notes	0	750,000
Proceeds from collateralized indebtedness	467,804	273,519
Repayment of collateralized indebtedness and related derivative contracts	(392,192)	(226,250)
Distributions to Cablevision	(214,135)	(218,319)
Principal payments on capital lease obligations	(9,028)	(7,030)
Additions to deferred financing costs	0	(13,579)
Distributions to noncontrolling interests, net	(901)	(778)
Excess tax benefit related to share-based awards	10,795	1,587
Net cash used in financing activities	(370,530)	(203,017)
Net increase (decrease) in cash and cash equivalents from continuing operations	(56,787)	207,854
Cash flows of discontinued operations:
Net cash used in operating activities	(192)	(786)
Net cash used in investing activities	(30)	(196)
Net decrease in cash and cash equivalents from discontinued operations	(222)	(982)
Cash and cash equivalents at beginning of year	813,396	651,058
Cash and cash equivalents at end of period	$ 756,387	$ 857,930

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Accounts receivable, trade allowance for doubtful accounts	$ 12,073	$ 12,112
Property, plant and equipment, accumulated depreciation	9,515,072	9,454,315
Amortizable intangible assets, accumulated amortization	63,385	60,018
Deferred financing costs, accumulated amortization	$ 67,208	$ 58,651
Stockholders' Deficiency:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
CNYG Class A Common Stock
Stockholders' Deficiency:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	303,704,862	300,342,849
Common stock, shares outstanding (in shares)	222,311,934	220,219,935
Treasury stock (in shares)	81,392,928	80,122,914
CNYG Class B Common Stock
Stockholders' Deficiency:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	320,000,000	320,000,000
Common stock, shares issued (in shares)	54,137,673	54,137,673
Common stock, shares outstanding (in shares)	54,137,673	54,137,673
RMG Class A Common Stock
Stockholders' Deficiency:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	0	0
RMG Class B Common Stock
Stockholders' Deficiency:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	0	0
CSC Holdings, LLC
Current Assets:
Accounts receivable, trade allowance for doubtful accounts	$ 12,073	$ 12,112
Property, plant and equipment, accumulated depreciation	9,515,072	9,454,315
Amortizable intangible assets, accumulated amortization	63,385	60,018
Deferred financing costs, accumulated amortization	$ 38,045	$ 32,983
Stockholders' Deficiency:
Other member's equity, membership units issued (in shares)	17,631,479	17,631,479
Other member's equity, membership units outstanding (in shares)	17,631,479	17,631,479

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DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 10. DISCONTINUED OPERATIONS

For the six months ended June 30, 2015, the Company recorded an expense of $9,400 plus statutory interest of $8,400 (an aggregate of $10,502, net of income taxes) with respect to the decision in a case relating to Rainbow Media Holdings LLC, a business whose operations were previously discontinued (see Note 13). Income from discontinued operations for the six months ended June 30, 2014 amounted to $5,455 ($3,076, net of income taxes) and resulted primarily from the settlement of a contingency related to Montana property taxes related to Bresnan Broadband Holdings, LLC, a business which was sold in 2013.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Information [Line Items]
Entity Registrant Name	CABLEVISION SYSTEMS CORP /NY
Entity Central Index Key	0001053112
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
CNYG Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		222,336,884
CNYG Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		54,137,673
CSC Holdings, LLC
Entity Information [Line Items]
Entity Registrant Name	CSC HOLDINGS LLC
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		17,631,479

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INCOME TAXES

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 11. INCOME TAXES

Cablevision

Cablevision recorded income tax expense of $78,609 and $116,549 for the three and six months ended June 30, 2015, respectively, reflecting an effective tax rate of 51% and 47%, respectively. In April 2015, corporate income tax changes were enacted for both New York State and the City of New York. Such changes included a provision whereby investment income will be subject to higher taxes. Accordingly, in the second quarter of 2015, Cablevision recorded deferred tax expense of $16,334 to remeasure the deferred tax liability for the investment in Comcast common stock and associated derivative securities. Absent this item, the effective tax rate for the three and six months ended June 30, 2015 would have been 40% and 41%, respectively.

Cablevision recorded income tax expense of $61,848 and $34,909 for the three and six months ended June 30, 2014, respectively, reflecting an effective tax rate of 40% and 16%, respectively. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were no longer under examination. Accordingly, in the first quarter of 2014, Cablevision recorded a tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position. Absent this item, the effective tax rate for the six months ended June 30, 2014 would have been 41%.

As of June 30, 2015, Cablevision's federal net operating loss and tax credit carryforwards were approximately $425,000 and $58,000, respectively. Subsequent to the full utilization of such carryforwards, payments for income taxes are expected to increase significantly.

CSC Holdings

CSC Holdings recorded income tax expense of $108,193 and $175,735 for the three and six months ended June 30, 2015, respectively, reflecting an effective tax rate of 49% and 46%, respectively. In April 2015, corporate income tax changes were enacted for both New York State and the City of New York. Such changes included a provision whereby investment income will be subject to higher taxes. Accordingly, in the second quarter of 2015, CSC Holdings recorded deferred tax expense of $16,334 to remeasure the deferred tax liability for the investment in Comcast common stock and associated derivative securities. Absent this item, the effective tax rate for the three and six months ended June 30, 2015 would have been 41% and 42%, respectively.

CSC Holdings recorded income tax expense of $91,227 and $93,025 for the three and six months ended June 30, 2014, respectively, reflecting an effective tax rate of 41% and 26%, respectively. In January 2014, the Internal Revenue Service informed the Company that the consolidated federal income tax returns for 2009 and 2010 were no longer under examination. Accordingly, in the first quarter of 2014, CSC Holdings recorded a tax benefit of $53,132 associated with the reversal of a noncurrent liability relating to an uncertain tax position. Absent this item, the effective tax rate for the six months ended June 30, 2014 would have been 42%.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues, net (including revenues, net from affiliates)	$ 1,653,393	$ 1,628,137	$ 3,268,164	$ 3,203,723
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below and including net charges from affiliates)	805,596	788,317	1,601,484	1,561,300
Selling, general and administrative (including net charges from affiliates)	389,408	363,187	766,172	743,407
Restructuring expense (credits)	(4)	(348)	(536)	667
Depreciation and amortization (including impairments)	213,929	221,088	432,829	435,373
Total operating expenses	1,408,929	1,372,244	2,799,949	2,740,747
Operating income	244,464	255,893	468,215	462,976
Other income (expense):
Interest expense, net	(145,876)	(143,135)	(290,888)	(284,017)
Gain on investments, net	78,818	78,612	45,747	36,837
Gain (loss) on equity derivative contracts, net	(22,693)	(32,613)	23,473	6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735)	(7,687)	(1,735)	(8,298)
Miscellaneous, net	1,307	1,806	2,314	2,537
Total other income (expense)	(90,179)	(103,017)	(221,089)	(246,905)
Income from continuing operations before income taxes	154,285	152,876	247,126	216,071
Income tax expense	(78,609)	(61,848)	(116,549)	(34,909)
Income from continuing operations, net of income taxes	75,676	91,028	130,577	181,162
Income (loss) from discontinued operations, net of income taxes	0	3,510	(10,502)	3,076
Net income	75,676	94,538	120,075	184,238
Net loss (income) attributable to noncontrolling interests	(81)	(328)	153	(265)
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	$ 75,595	$ 94,210	$ 120,228	$ 183,973
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations (in dollars per share)	$ 0.28	$ 0.34	$ 0.49	$ 0.69
Income (loss) from discontinued operations (in dollars per share)	0.00	0.01	(0.04)	0.01
Net income (in dollars per share)	$ 0.28	$ 0.36	$ 0.45	$ 0.70
Basic weighted average common shares (in thousands)	269,301	263,730	268,614	263,033
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholders:
Income from continuing operations (in dollars per share)	$ 0.27	$ 0.34	$ 0.48	$ 0.67
Income (loss) from discontinued operations (in dollars per share)	0.00	0.01	(0.04)	0.01
Net income (in dollars per share)	$ 0.27	$ 0.35	$ 0.44	$ 0.68
Diluted weighted average common shares (in thousands)	275,228	269,260	274,802	268,729
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member:
Income from continuing operations, net of income taxes	$ 75,595	$ 90,700	$ 130,730	$ 180,897
Income (loss) from discontinued operations, net of income taxes	0	3,510	(10,502)	3,076
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	$ 75,595	$ 94,210	$ 120,228	$ 183,973
Cash dividends declared per share of common stock (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30
CSC Holdings, LLC
Revenues, net (including revenues, net from affiliates)	$ 1,653,393	$ 1,628,137	$ 3,268,164	$ 3,203,723
Operating expenses:
Technical and operating (excluding depreciation, amortization and impairments shown below and including net charges from affiliates)	805,596	788,317	1,601,484	1,561,300
Selling, general and administrative (including net charges from affiliates)	389,408	363,187	766,172	743,407
Restructuring expense (credits)	(4)	(348)	(536)	667
Depreciation and amortization (including impairments)	213,929	221,088	432,829	435,373
Total operating expenses	1,408,929	1,372,244	2,799,949	2,740,747
Operating income	244,464	255,893	468,215	462,976
Other income (expense):
Interest expense	(90,339)	(87,580)	(179,891)	(172,800)
Interest income	12,175	12,117	24,352	24,202
Gain on investments, net	78,818	78,612	45,747	36,837
Gain (loss) on equity derivative contracts, net	(22,693)	(32,613)	23,473	6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735)	(7,687)	(1,735)	(7,687)
Miscellaneous, net	1,307	1,806	2,314	2,537
Total other income (expense)	(22,467)	(35,345)	(85,740)	(110,875)
Income from continuing operations before income taxes	221,997	220,548	382,475	352,101
Income tax expense	(108,193)	(91,227)	(175,735)	(93,025)
Income from continuing operations, net of income taxes	113,804	129,321	206,740	259,076
Income (loss) from discontinued operations, net of income taxes	0	3,510	(10,502)	3,076
Net income	113,804	132,831	196,238	262,152
Net loss (income) attributable to noncontrolling interests	(81)	(328)	153	(265)
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	113,723	132,503	196,391	261,887
Amounts attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member:
Income from continuing operations, net of income taxes	113,723	128,993	206,893	258,811
Income (loss) from discontinued operations, net of income taxes	0	3,510	(10,502)	3,076
Net income attributable to Cablevision Systems Corporation stockholders/CSC Holdings, LLC's sole member	$ 113,723	$ 132,503	$ 196,391	$ 261,887

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GROSS VERSUS NET REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2015

Revenue Recognition [Abstract]

GROSS VERSUS NET REVENUE RECOGNITION

NOTE 5. GROSS VERSUS NET REVENUE RECOGNITION

In the normal course of business, the Company is assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collects such taxes from its customers.  The Company's policy is that, in instances where the tax is being assessed directly on the Company, amounts paid to the governmental authorities and amounts received from the customers are recorded on a gross basis.  That is, amounts paid to the governmental authorities are recorded as technical and operating expenses and amounts received from the customer are recorded as revenues.  For the three and six months ended June 30, 2015, the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $51,116 and $100,686, respectively.  For the three and six months ended June 30, 2014, the amount of franchise fees and certain other taxes and fees included as a component of net revenue aggregated $44,417 and $87,255, respectively.

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INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS

NOTE 4. INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS

Cablevision

Basic income per common share attributable to Cablevision stockholders is computed by dividing net income attributable to Cablevision stockholders by the weighted average number of common shares outstanding during the period.  Diluted income per common share attributable to Cablevision stockholders reflects the dilutive effects of stock options, restricted stock and restricted stock units. For such awards that are performance based, the diluted effect is reflected upon the achievement of the performance criteria.

The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted income per share attributable to Cablevision stockholders for the three and six months ended June 30, 2015 and 2014:

	Three Months	Six Months	Three Months	Six Months
	Ended June 30, 2015		Ended June 30, 2014
	(in thousands)
Basic weighted average shares outstanding	269,301	268,614	263,730	263,033
Effect of dilution:
Stock options	3,039	2,872	3,456	3,420
Restricted stock	2,888	3,316	2,074	2,276
Diluted weighted average shares outstanding	275,228	274,802	269,260	268,729

For the three and six months ended June 30, 2015, anti-dilutive shares totaling approximately 2,000,000 and 2,337,000 shares, have been excluded from diluted weighted average shares outstanding.  Approximately 630,000 restricted shares and 1,812,000 performance based restricted stock units for the three and six months ended June 30, 2015 have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied.

For the three and six months ended June 30, 2014, anti-dilutive shares totaling approximately 2,100,000 and 1,415,000 shares have been excluded from diluted weighted average shares outstanding.  Approximately 1,990,000 restricted shares for the three and six months ended June 30, 2014 have also been excluded from the diluted weighted average shares outstanding as the performance criteria on these awards had not yet been satisfied.

CSC Holdings

Net income per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Cablevision.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 16. SUBSEQUENT EVENTS

Cablevision Dividend

On August 6, 2015, the Board of Directors of Cablevision declared a cash dividend of $0.15 per share payable on September 10, 2015 to stockholders of record on both its CNYG Class A common stock and CNYG Class B common stock as of August 21, 2015.

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EQUITY PLANS

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

EQUITY PLANS

NOTE 12. EQUITY PLANS

Cablevision's Equity Plans

2015 Employee Stock Plan

InMarch 2015, Cablevision's Board of Directors approved the Cablevision Systems Corporation 2015 Employee Stock Plan ("2015 Plan"), which was approved by Cablevision's stockholders at its annual stockholders meeting on May 21, 2015. Under the 2015 Plan, Cablevision is authorized to grant stock options, restricted shares, restricted stock units, stock appreciation rights, and other equity-based awards. The Company may grant awards for up to 25,000,000 shares of CNYG Class A common stock under the 2015 Plan. Options and stock appreciation rights under the 2015 Plan must be granted with an exercise price of not less than the fair market value of a share of CNYG Class A common stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the 2015 Plan, including vesting and exercisability, will be determined by Cablevision's compensation committee and may be based upon performance criteria. No awards had been granted under the 2015 Plan as of June 30, 2015.

As a result of the approval of the 2015 Plan by Cablevision's stockholders, all remaining available shares (other than those subject to outstanding grants of restricted stock or stock options) under the Amended and Restated 2006 Employee Stock Plan have been canceled and no further awards will be granted.

Stock Option Award Activity

In March 2015, Cablevision granted options that are scheduled to vest over three years in 33 1/3% annual increments and expire 10 years from the date of grant.  Cablevision calculated the fair value of the option award on the date of grant using the Black-Scholes option pricing model.  Cablevision's computation of expected life was determined based on historical data for similar awards. The interest rate for periods within the contractual life of the stock options is based on interest yields for U.S. Treasury instruments in effect at the time of grant.  Cablevision's computation of expected volatility is based on historical volatility of its common stock.

The following assumptions were used to calculate the fair value of the stock options award granted in the first quarter of 2015:

Risk-free interest rate	1.82		%
Expected life (in years)	8 years
Dividend yield	3.63		%
Volatility	39.98		%
Grant date fair value	$	5.45

The following table summarizes activity relating to Company employees who held Cablevision stock options for the six months ended June 30, 2015:

	Shares Under Option				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)
	Time Vesting Options		Performance Based Vesting Options					Aggregate Intrinsic Value (a)
Balance, December 31, 2014	5,097,666		7,633,500		$	14.41	7.17	$	79,347
Granted	2,000,000		—		19.17
Exercised	(302,500	)	(736,383	)	12.74
Balance, June 30, 2015	6,795,166		6,897,117		$	15.23	7.26	$	119,267
Options exercisable at June 30, 2015	795,166		6,897,117		$	13.90	6.15	$	77,207
Options expected to vest in the future	6,000,000		—		$	16.93	8.68	$	42,060

(a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on June 30, 2015 or December 31, 2014, as indicated, and June 30, 2015 in the case of options exercisable and options expected to vest in the future.

In addition, as of June 30, 2015, AMC Networks Inc. ("AMC Networks") and The Madison Square Garden Company ("Madison Square Garden") employees held a total of 108,066 Cablevision stock options.  These stock options are not expensed by the Company; however, such stock options may have a dilutive effect on net income per share attributable to Cablevision stockholders.

Restricted Stock Award Activity

The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the six months ended June 30, 2015:

	Number of Restricted Shares		Number of Performance Based Restricted Shares		Weighted Average Fair Value Per Share at Date of Grant
Unvested award balance, December 31, 2014	5,314,870		2,035,300		$	15.46
Granted	1,703,130		584,400		19.17
Vested	(1,571,162	)	(739,600	)	14.47
Awards forfeited	(292,265	)	—		16.47
Unvested award balance, June 30, 2015	5,154,573		1,880,100		16.94

During the six months ended June 30, 2015, 2,310,762 Cablevision restricted shares issued to employees of the Company vested.  To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 977,749 of these shares, with an aggregate value of $18,265, were surrendered to the Company.  These acquired shares have been classified as treasury stock.

Performance Based Restricted Stock Units

In March 2015, Cablevision granted 1,816,660 performance based restricted stock units ("PSUs") to certain employees that are scheduled to cliff vest after three years subject to achievement of specified performance criteria. The PSUs entitle the employee to shares of CNYG common stock up to 150% of the number of PSUs granted depending on the level of achievement of the specified performance criteria.  If the minimum performance threshold is not met, no shares will be issued. Accrued dividends are paid to the extent that a PSU vests and the related stock is issued.

The Company recognizes compensation expense for PSUs on a straight-line basis over the vesting period based on the estimated number of shares of CNYG common stock expected to be issued.

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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

NOTE 8. DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS

The Company has entered into various transactions to limit the exposure against equity price risk on its shares of Comcast Corporation ("Comcast") common stock.  The Company has monetized all of its stock holdings in Comcast through the execution of prepaid forward contracts, collateralized by an equivalent amount of the respective underlying stock.  At maturity, the contracts provide for the option to deliver cash or shares of Comcast stock with a value determined by reference to the applicable stock price at maturity.  These contracts, at maturity, are expected to offset declines in the fair value of these securities below the hedge price per share while allowing the Company to retain upside appreciation from the hedge price per share to the relevant cap price.

The following represents the location of the assets and liabilities associated with the Company's derivative instruments within the condensed consolidated balance sheets at June 30, 2015 and December 31, 2014:

Derivatives Not Designated as Hedging Instruments		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	Fair Value at June 30, 2015		Fair Value at December 31, 2014		Fair Value at June 30, 2015		Fair Value at December 31, 2014
Prepaid forward contracts	Current derivative contracts	$	453	$	—	$	36,495	$	93,010
Prepaid forward contracts	Long-term derivative contracts	30,361		7,317		—		9,207
Total derivative contracts		$	30,814	$	7,317	$	36,495	$	102,217

These prepaid forward contracts are not designated as hedging instruments for accounting purposes and the related gain (loss) of $(22,693) and $23,473, respectively, for the three and six months ended June 30, 2015 and $(32,613) and $6,036, respectively, for the three and six months ended June 30, 2014, have been reflected in gain (loss) on equity derivative contracts, net in the accompanying condensed consolidated statements of income.

Settlements of Collateralized Indebtedness

The following table summarizes the settlement of the Company's collateralized indebtedness relating to Comcast shares that were settled by delivering cash equal to the collateralized loan value, net of the value of the related equity derivative contracts for the six months ended June 30, 2015.  The cash was obtained from the proceeds of new monetization contracts covering an equivalent number of Comcast shares.  The terms of the new contracts allow the Company to retain upside participation in Comcast shares up to each respective contract's upside appreciation limit with downside exposure limited to the respective hedge price.

Number of shares	8,069,934
Collateralized indebtedness settled	$	(326,446	)
Derivative contracts settled	(65,746		)
	(392,192		)
Proceeds from new monetization contracts	467,804
Net cash receipt	$	75,612

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SUPPLEMENTAL CASH FLOW INFORMATION

6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 6. SUPPLEMENTAL CASH FLOW INFORMATION

The Company considers the balance of its investment in funds that substantially hold securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents.  The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value.

During the six months ended June 30, 2015 and 2014, the Company's non-cash investing and financing activities and other supplemental data were as follows:

	Six Months Ended June 30,
	2015		2014
Non-Cash Investing and Financing Activities of Cablevision and CSC Holdings:
Continuing Operations:
Property and equipment accrued but unpaid	$	44,412	$	41,593
Notes payable to vendor	8,318		34,522
Capital lease obligations	7,329		14,642
Intangible asset obligations	566		157
Non-Cash Investing and Financing Activities of Cablevision:
Dividends payable on unvested restricted share awards	2,444		1,830
Supplemental Data:
Continuing Operations - Cablevision:
Cash interest paid	278,003		269,231
Income taxes paid, net	359		5,081
Continuing Operations - CSC Holdings:
Cash interest paid	171,049		161,413
Income taxes paid, net	359		5,081

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DEBT

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

DEBT

NOTE 7. DEBT

Repayment of Credit Facility Debt - CSC Holdings

In April 2015, CSC Holdings made a repayment of $200,000 on its outstanding Term B loan facility with cash on hand. In connection with the repayment of the Term B loan facility, the Company recognized a loss on extinguishment of debt of $731 and wrote-off unamortized deferred financing costs related to this loan facility of $1,004.

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FAIR VALUE MEASUREMENT

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

NOTE 9. FAIR VALUE MEASUREMENT

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable.  Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.  The fair value hierarchy consists of the following three levels:

• Level I - Quoted prices for identical instruments in active markets.

• Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level III - Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014:

	At June 30, 2015
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	706,792	$	—	$	—	$	706,792
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,291,664		—		—		1,291,664
Prepaid forward contracts	—		30,814		—		30,814
Liabilities:
Prepaid forward contracts	—		36,495		—		36,495

	At December 31, 2014
	Level I		Level II		Level III		Total
Assets:
Money market funds	$	736,330	$	—	$	—	$	736,330
Investment securities	132		—		—		132
Investment securities pledged as collateral	1,245,916		—		—		1,245,916
Prepaid forward contracts	—		7,317		—		7,317
Liabilities:
Prepaid forward contracts	—		102,217		—		102,217

The Company's cash equivalents, investment securities and investment securities pledged as collateral are classified within Level I of the fair value hierarchy because they are valued using quoted market prices.

The Company's prepaid forward contracts reflected as derivative contracts and liabilities under derivative contracts on the Company's balance sheets are valued using market-based inputs to valuation models.  These valuation models require a variety of inputs, including contractual terms, market prices, yield curves, and measures of volatility.  When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit risk considerations.  Such adjustments are generally based on available market evidence.  Since model inputs can generally be verified and do not involve significant management judgment, the Company has concluded that these instruments should be classified within Level II of the fair value hierarchy.

The Company considers the impact of credit risk when measuring the fair value of its derivative asset and/or liability positions, as applicable.

The Company's assets measured at fair value on a nonrecurring basis include long-lived assets, indefinite-lived cable television franchises, trademarks, other indefinite-lived intangible assets and goodwill.  During the quarter ended March 31, 2015, the Company performed its annual impairment test of goodwill, indefinite-lived cable television franchises, trademarks and other indefinite-lived intangible assets and there were no impairment charges recorded.

Fair Value of Financial Instruments

The following methods and assumptions were used to estimate fair value of each class of financial instruments for which it is practicable to estimate:

Credit Facility Debt, Collateralized Indebtedness, Senior Notes and Debentures and Notes Payable

The fair values of each of the Company's debt instruments are based on quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments of the same remaining maturities.  The fair value of notes payable is based primarily on the present value of the remaining payments discounted at the borrowing cost.

The carrying values, estimated fair values, and classification under the fair value hierarchy of the Company's financial instruments, excluding those that are carried at fair value in the accompanying condensed consolidated balance sheets, are summarized as follows:

		June 30, 2015
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	661,702
Debt instruments:
Credit facility debt (b)	Level II	$	2,551,429	$	2,555,560
Collateralized indebtedness	Level II	1,127,541		1,111,901
Senior notes and debentures	Level II	3,063,578		3,249,629
Notes payable	Level II	23,818		23,704
CSC Holdings total debt instruments		6,766,366		6,940,794
Cablevision senior notes	Level II	2,794,626		2,963,053
Cablevision total debt instruments		$	9,560,992	$	9,903,847

		December 31, 2014
	Fair Value Hierarchy	Carrying Amount		Estimated Fair Value
CSC Holdings notes receivable:
Cablevision senior notes held by Newsday Holdings LLC (a)	Level II	$	611,455	$	680,587
Debt instruments:
Credit facility debt (b)	Level II	$	2,780,649	$	2,785,975
Collateralized indebtedness	Level II	986,183		957,803
Senior notes and debentures	Level II	3,062,126		3,368,875
Notes payable	Level II	23,911		23,682
CSC Holdings total debt instruments		6,852,869		7,136,335
Cablevision senior notes	Level II	2,793,741		3,048,387
Cablevision total debt instruments		$	9,646,610	$	10,184,722

(a) These notes are eliminated at the consolidated Cablevision level.

(b) The principal amount of the Company's credit facility debt, which bears interest at variable rates, approximates its fair value.

Fair value estimates related to the Company's debt instruments and senior notes receivable presented above are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgments and therefore cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

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BUSINESS (Details)	6 Months Ended
	Jun. 30, 2015 Segment
BUSINESS [Abstract]
Number of reportable business segments	3

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EQUITY PLANS EQUITY PLANS, Performance Based Restricted Stock Units (Details) - 6 months ended Jun. 30, 2015 - Cablevision Systems Corporation Employee Stock Plan - Performance Based Restricted Stock Units, Performance Criteria Not Yet Satisfied (PSUs) - shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,816,660
Vesting period	3 years
Purchase price of common stock, percent	150.00%

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SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

NOTE 14. SEGMENT INFORMATION

The Company classifies its operations into three reportable segments: (1) Cable, (2) Lightpath, and (3) Other, consisting principally of (i) Newsday, (ii) the News 12 Networks, (iii) Cablevision Media Sales, and (iv) certain other businesses and unallocated corporate costs.

The Company's reportable segments are strategic business units that are managed separately.  The Company evaluates segment performance based on several factors, of which the primary financial measure is business segment adjusted operating cash flow ("AOCF") (defined as operating income (loss) excluding depreciation and amortization (including impairments), share-based compensation expense or benefit and restructuring expense or credits), a non-GAAP measure.  The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues, net from continuing operations
Cable	$	1,481,144		$	1,454,911		$	2,932,682		$	2,872,059
Lightpath	91,040			88,030			182,164			174,784
Other	91,311			94,868			173,091			176,350
Inter-segment eliminations (a)	(10,102		)	(9,672		)	(19,773		)	(19,470		)
	$	1,653,393		$	1,628,137		$	3,268,164		$	3,203,723
Inter-segment revenues
Cable	$	(836	)	$	(436	)	$	(1,116	)	$	(961	)
Lightpath	(4,646		)	(4,554		)	(9,391		)	(9,167		)
Other	(4,620		)	(4,682		)	(9,266		)	(9,342		)
	$	(10,102	)	$	(9,672	)	$	(19,773	)	$	(19,470	)
Adjusted operating cash flow (deficit) from continuing operations
Cable	$	462,697		$	478,875		$	909,252		$	921,907
Lightpath	43,762			39,262			87,157			77,745
Other	(32,131		)	(30,809		)	(68,051		)	(78,035		)
	$	474,328		$	487,328		$	928,358		$	921,617

Depreciation and amortization (including impairments) included in continuing operations
Cable (b)	$	(183,370	)	$	(190,649	)	$	(369,615	)	$	(375,855	)
Lightpath (b)	(21,503		)	(20,897		)	(44,241		)	(40,501		)
Other	(9,056		)	(9,542		)	(18,973		)	(19,017		)
	$	(213,929	)	$	(221,088	)	$	(432,829	)	$	(435,373	)
Share-based compensation expense included in continuing operations
Cable	$	(10,718	)	$	(7,519	)	$	(18,929	)	$	(15,602	)
Lightpath	(1,926		)	(1,357		)	(3,308		)	(2,776		)
Other	(3,295		)	(1,819		)	(5,613		)	(4,223		)
	$	(15,939	)	$	(10,695	)	$	(27,850	)	$	(22,601	)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Restructuring credits (expense) included in continuing operations
Cable	$	—	$	141	$	—	$	19
Lightpath	—		11		—		15
Other	4		196		536		(701		)
	$	4	$	348	$	536	$	(667	)

Operating income (loss) from continuing operations
Cable	$	268,609		$	280,848		$	520,708		$	530,469
Lightpath	20,333			17,019			39,608			34,483
Other	(44,478		)	(41,974		)	(92,101		)	(101,976		)
	$	244,464		$	255,893		$	468,215		$	462,976

(a) Inter-segment eliminations relate primarily to revenues recognized from the sale of local programming and voice services to our Cable segment.

(b) The Cable and Lightpath segments share portions of each other's network infrastructure.  Depreciation charges are recorded by the segment that acquired the respective asset.

For the three and six months ended June 30, 2015 and 2014, Cable segment revenue was derived from the following sources:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Video (including equipment rental, DVR, franchise fees, video-on-demand and pay-per-view)	$	812,547	$	805,852	$	1,613,515	$	1,599,298
High-speed data	370,170		354,376		733,042		701,275
Voice	232,059		226,833		463,652		446,955
Advertising	36,401		41,046		67,178		72,709
Other (including installation, advertising sales commissions, home shopping, and other products)	29,967		26,804		55,295		51,822
	$	1,481,144	$	1,454,911	$	2,932,682	$	2,872,059

A reconciliation of reportable segment amounts to Cablevision's and CSC Holdings' consolidated balances is as follows:
	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Operating income for reportable segments	$	244,464		$	255,893		$	468,215		$	462,976
Items excluded from operating income:
CSC Holdings interest expense	(90,339		)	(87,580		)	(179,891		)	(172,800		)
CSC Holdings interest income	161			103			325			175
CSC Holdings intercompany interest income	12,014			12,014			24,027			24,027
Gain on investments, net	78,818			78,612			45,747			36,837
Gain (loss) on equity derivative contracts, net	(22,693		)	(32,613		)	23,473			6,036
Loss on extinguishment of debt and write-off of deferred financing costs	(1,735		)	(7,687		)	(1,735		)	(7,687		)
Miscellaneous, net	1,307			1,806			2,314			2,537
CSC Holdings income from continuing operations before income taxes	221,997			220,548			382,475			352,101
Cablevision interest expense	(55,705		)	(55,662		)	(111,334		)	(111,398		)
Intercompany interest expense	(12,014		)	(12,014		)	(24,027		)	(24,027		)
Cablevision interest income	7			4			12			6
Write-off of deferred financing costs, net of gain on extinguishment of debt	—			—			—			(611		)
Cablevision income from continuing operations before income taxes	$	154,285		$	152,876		$	247,126		$	216,071

The following table summarizes the Company's capital expenditures by reportable segment for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Capital expenditures
Cable	$	185,997	$	207,255	$	319,568	$	352,580
Lightpath	23,062		26,097		46,794		52,967
Other	5,615		5,766		14,943		19,646
	$	214,674	$	239,118	$	381,305	$	425,193

All revenues and assets of the Company's reportable segments are attributed to or located in the United States primarily concentrated in the New York metropolitan area.

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DIVIDENDS (Tables)

6 Months Ended

Jun. 30, 2015

Dividends [Abstract]

Schedule of Dividends Payable

During the six months ended June 30, 2015, the Board of Directors of Cablevision declared and paid the following cash dividends to stockholders of record on both its Cablevision NY Group ("CNYG") Class A common stock and CNYG Class B common stock:

Declaration Date	Dividend Per Share	Record Date	Payment Date
February 24, 2015	$0.15	March 16, 2015	April 3, 2015
May 1, 2015	$0.15	May 22, 2015	June 12, 2015

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EQUITY PLANS, Stock Option Award Activity (Details) - Cablevision Systems Corporation Employee Stock Plan - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Stock Options Outstanding, Weighted Average Exercise Price [Roll Forward]
Balance at beginning of period, weighted average exercise price per share (in dollars per share)		$ 14.41
Granted, weighted average exercise price per share (in dollars per share)		19.17
Exercised, weighted average exercise price per share (in dollars per share)		12.74
Balance at end of period, weighted average exercise price per share (in dollars per share)		15.23	$ 14.41
Options exercisable at end of period, weighted average exercise price per share (in dollars per share)		13.90
Options expected to vest in the future, weighted average exercise price per share (in dollars per share)		$ 16.93
Stock Options Outstanding, Additional Disclosures [Abstract]
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2		7 years 2 months 35 days	7 years 2 months
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2		7 years 2 months 35 days	7 years 2 months
Options exercisable at end of period, weighted average remaining contractual term		6 years 1 month 25 days
Options expected to vest in the future, weighted average remaining contractual term		8 years 6 months 65 days
Balance at beginning of period, aggregate intrinsic value	[1]	$ 79,347
Balance at end of period, aggregate intrinsic value	[1]	119,267	$ 79,347
Options exercisable at end of period, aggregate intrinsic value	[1]	77,207
Options expected to vest in the future, aggregate intrinsic value	[1]	$ 42,060
Time Vesting Options
Stock Options Outstanding [Roll Forward]
Balance at beginning of period (in shares)		5,097,666
Granted (in shares)		2,000,000
Exercised (in shares)		(302,500)
Balance at end of period (in shares)		6,795,166	5,097,666
Options exercisable at end of period (in shares)		795,166
Options expected to vest in the future (in shares)		6,000,000
Performance Based Vesting Options
Stock Options Outstanding [Roll Forward]
Balance at beginning of period (in shares)		7,633,500
Granted (in shares)		0
Exercised (in shares)		(736,383)
Balance at end of period (in shares)		6,897,117	7,633,500
Options exercisable at end of period (in shares)		6,897,117
Options expected to vest in the future (in shares)		0
Stock Options | AMC Networks Inc. and Madison Square Garden
Stock Options Outstanding [Roll Forward]
Balance at end of period (in shares)		108,066

[1] The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of CNYG Class A common stock on June 30, 2015 or December 31, 2014, as indicated, and June 30, 2015 in the case of options exercisable and options expected to vest in the future.

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DERIVATIVE CONTRACTS AND COLLATERALIZED INDEBTEDNESS, Location of Assets and Liabilities with the Consolidated Balance Sheets (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivative Instruments, Fair Value [Abstract]
Asset Derivatives	$ 30,814	$ 7,317
Liability Derivatives	36,495	102,217
Prepaid forward contracts | Current derivative contracts
Derivative Instruments, Fair Value [Abstract]
Asset Derivatives	453	0
Liability Derivatives	36,495	93,010
Prepaid forward contracts | Long-term derivative contracts
Derivative Instruments, Fair Value [Abstract]
Asset Derivatives	30,361	7,317
Liability Derivatives	$ 0	$ 9,207

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues, net from affiliates	$ 1,605	$ 1,586	$ 2,796	$ 2,910
Operating expenses:
Technical and operating net charges from affiliates	44,426	45,714	89,363	91,782
Selling, general and administrative net charges from (to) affiliates	1,502	1,014	3,430	2,316
CSC Holdings, LLC
Revenues, net from affiliates	1,605	1,586	2,796	2,910
Operating expenses:
Technical and operating net charges from affiliates	44,426	45,714	89,363	91,782
Selling, general and administrative net charges from (to) affiliates	$ 1,502	$ 1,014	$ 3,430	$ 2,316

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DIVIDENDS

6 Months Ended

Jun. 30, 2015

Dividends [Abstract]

DIVIDENDS

NOTE 3. DIVIDENDS

During the six months ended June 30, 2015, the Board of Directors of Cablevision declared and paid the following cash dividends to stockholders of record on both its Cablevision NY Group ("CNYG") Class A common stock and CNYG Class B common stock:

Declaration Date	Dividend Per Share	Record Date	Payment Date
February 24, 2015	$0.15	March 16, 2015	April 3, 2015
May 1, 2015	$0.15	May 22, 2015	June 12, 2015

Cablevision paid dividends aggregating $84,669, including accrued dividends on vested restricted shares of $3,935 during the six months ended June 30, 2015.  In addition, as of June 30, 2015, up to approximately $6,828 will be paid when, and if, restricted shares and performance based restricted stock units vest.

During the six months ended June 30, 2015, CSC Holdings made cash equity distribution payments to Cablevision aggregating $214,135.  These distribution payments were funded from cash on hand.  The proceeds were used to fund:

• Cablevision's dividends;

• Cablevision's interest payments on its senior notes; and

• Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax withholding obligations upon the vesting of certain restricted shares.

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SUBSEQUENT EVENTS (Details) - Aug. 06, 2015 - Subsequent Event - Dividend Declared 2015 Q3 - $ / shares	Total
CNYG Class A Common Stock
Cablevision Dividend [Abstract]
Dividend, declaration date	Aug. 06, 2015
Dividend per share (in dollars per share)	$ 0.15
Dividend, payment date	Sep. 10, 2015
Dividend, record date	Aug. 21, 2015
CNYG Class B Common Stock
Cablevision Dividend [Abstract]
Dividend, declaration date	Aug. 06, 2015
Dividend per share (in dollars per share)	$ 0.15
Dividend, payment date	Sep. 10, 2015
Dividend, record date	Aug. 21, 2015

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INCOME PER SHARE ATTRIBUTABLE TO STOCKHOLDERS (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Reconciliation of Weighted Average Shares Used in the Calculations of the Basic and Diluted Income per Share Attributable to Cablevision Stockholders

The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted income per share attributable to Cablevision stockholders for the three and six months ended June 30, 2015 and 2014:

	Three Months	Six Months	Three Months	Six Months
	Ended June 30, 2015		Ended June 30, 2014
	(in thousands)
Basic weighted average shares outstanding	269,301	268,614	263,730	263,033
Effect of dilution:
Stock options	3,039	2,872	3,456	3,420
Restricted stock	2,888	3,316	2,074	2,276
Diluted weighted average shares outstanding	275,228	274,802	269,260	268,729

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GROSS VERSUS NET REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue Recognition [Abstract]
Franchise fees and certain other taxes and fees included as component of net revenue	$ 51,116	$ 44,417	$ 100,686	$ 87,255

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 13. COMMITMENTS AND CONTINGENCIES

Legal Matters

Cable Operations Litigation

Marchese, et al. v. Cablevision Systems Corporation and CSC Holdings, LLC: The Company is a defendant in a lawsuit filed in the U.S. District Court for the District of New Jersey by several present and former Cablevision subscribers, purportedly on behalf of a class of iO video subscribers in New Jersey, Connecticut and New York.  After three versions of the complaint were dismissed without prejudice by the District Court, plaintiffs filed their third amended complaint on August 22, 2011, alleging that the Company violated Section 1 of the Sherman Antitrust Act by allegedly tying the sale of interactive services offered as part of iO television packages to the rental and use of set-top boxes distributed by Cablevision, and violated Section 2 of the Sherman Antitrust Act by allegedly seeking to monopolize the distribution of Cablevision compatible set-top boxes.  Plaintiffs seek unspecified treble monetary damages, attorney's fees, as well as injunctive and declaratory relief.  On September 23, 2011, the Company filed a motion to dismiss the third amended complaint.  On January 10, 2012, the District Court issued a decision dismissing with prejudice the Section 2 monopolization claim, but allowing the Section 1 tying claim and related state common law claims to proceed.  Cablevision's answer to the third amended complaint was filed on February 13, 2012.  On January 9, 2015, plaintiffs filed a motion for class certification. Motion practice and discovery have been stayed pending settlement discussions. While a loss is reasonably possible, the present state of settlement negotiations leaves the Company currently unable to estimate a range of possible loss.

In re Cablevision Consumer Litigation: Following expiration of the affiliation agreements for carriage of certain Fox broadcast stations and cable networks on October 16, 2010, News Corporation terminated delivery of the programming feeds to the Company, and as a result, those stations and networks were unavailable on the Company's cable television systems. On October 30, 2010, the Company and Fox reached an agreement on new affiliation agreements for these stations and networks, and carriage was restored. Several purported class action lawsuits were subsequently filed on behalf of the Company's customers seeking recovery for the lack of Fox programming. Those lawsuits were consolidated in an action before the U. S. District Court for the Eastern District of New York, and a consolidated complaint was filed in that court on February 22, 2011. Plaintiffs asserted claims for breach of contract, unjust enrichment, and consumer fraud, seeking unspecified compensatory damages, punitive damages and attorneys' fees. On March 28, 2012, the Court ruled on the Company's motion to dismiss, denying the motion with regard to plaintiffs' breach of contract claim, but granting it with regard to the remaining claims, which were dismissed. On April 16, 2012, plaintiffs filed a second consolidated amended complaint, which asserts a claim only for breach of contract. The Company's answer was filed on May 2, 2012. On October 10, 2012, plaintiffs filed a motion for class certification and on December 13, 2012, a motion for partial summary judgment. On March 31, 2014, the Court granted plaintiffs' motion for class certification, and denied without prejudice plaintiffs' motion for summary judgment. On May 5, 2014, the Court directed that expert discovery commence. Expert discovery is proceeding. On May 30, 2014, the Court approved the form of class notice, and on October 7, 2014, approved the class notice distribution plan. The class notice distribution has been completed, and the opt-out period expired on February 27, 2015. The Company believes that this claim is without merit and intends to defend these lawsuits vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss.

Patent Litigation

Cablevision is named as a defendant in certain lawsuits claiming infringement of various patents relating to various aspects of the Company's businesses.  In certain of these cases other industry participants are also defendants.  In certain of these cases the Company expects that any potential liability would be the responsibility of the Company's equipment vendors pursuant to applicable contractual indemnification provisions.  The Company believes that the claims are without merit and intends to defend the actions vigorously, but is unable to predict the outcome of these lawsuits or reasonably estimate a range of possible loss.

Other Litigation

Friedman v. Charles Dolan, et al.: On March 7, 2014, a shareholder derivative lawsuit was filed in Delaware Chancery Court purportedly on behalf of the nominal defendant Cablevision against the Chief Executive Officer ("CEO"), the Chairman of the Board, and certain other members of Cablevision's Board of Directors, including the members of the Compensation Committee. The complaint alleges that the individual defendants violated their fiduciary duties to preserve corporate assets by allegedly causing or allowing Cablevision to grant excessive compensation packages to the CEO, the Chairman of the Board, and/or other members of the Board of Directors in the time period 2010 to 2012. The complaint seeks unspecified monetary damages, disgorgement, costs, and attorneys' fees. Cablevision filed a pro forma answer on April 14, 2014, and on April 21, 2014 the individual defendants filed notices of motions to dismiss in lieu of an answer. The motions to dismiss were filed on June 16, 2014. Oral argument took place on January 23, 2015. On June 30, 2015, the Court granted the individual defendants’ motions to dismiss. On July 30, 2015, plaintiff filed a notice of appeal. The Company does not believe that this lawsuit will have a material adverse effect on results of operations or the financial position of the Company.

In April 2011, Thomas C. Dolan, a director and Executive Vice President, Strategy and Development, in the Office of the Chairman at Cablevision, filed a lawsuit against Cablevision and Rainbow Media Holdings LLC (which was subsequently dismissed as a party) in New York State Supreme Court.  The lawsuit raises compensation-related claims related to events from 2005 to 2008.  The matter is being handled under the direction of an independent committee of the Board of Directors of Cablevision. In April 2015, the Court granted summary judgment in favor of the plaintiff on liability, with damages still to be determined.  On June 18, 2015, the Company filed a notice of appeal. The Company has recorded an expense for the amount of damages reasonably estimable at this time, which is reflected in discontinued operations in the accompanying condensed consolidated statements of income for the six months ended June 30, 2015 (see Note 10). It is possible that the amount of damages ultimately determined could exceed the amount recorded.

In addition to the matters discussed above, the Company is party to various lawsuits, some involving claims for substantial damages.  Although the outcome of these other matters cannot be predicted and the impact of the final resolution of these other matters on the Company's results of operations in a particular subsequent reporting period is not known, management does not believe that the resolution of these other lawsuits will have a material adverse effect on the financial position of the Company or the ability of the Company to meet its financial obligations as they become due.