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To: james m dickerson who wrote (4232)	1/27/1998 10:37:00 PM
From: art slott	Read Replies (1) \| Respond to of 6570

"A showplace for new technologies"......such as HDTV". [ Business \| US Market \| Industry \| IPO \| S&P \| International \| PRNews \| BizWire \| Finance Home ] Tuesday January 27, 8:56 pm Eastern Time Company Press Release Cablevision To Acquire Nobody Beats the Wiz, Inc. New York's Largest Electronics Retailer WOODBURY, N.Y.--(BUSINESS WIRE)--Jan. 27, 1998-- Goal is to Offer One-Stop Shopping for Electronics Hardware and Services -- Direct Retail Access that Brings Cablevision Closer to its Customers Cablevision Systems Corporation (ASE: CVC - news) today announced that it has reached an agreement in principle to acquire assets of Nobody Beats The Wiz, Inc., owner of the New York area's largest consumer electronics retail chain Nobody Beats the Wiz. Nobody Beats The Wiz is currently in voluntary bankruptcy proceedings. For Cablevision, the acquisition instantly provides the company with retail outlets in the New York area, creating a showplace where Cablevision can market its family of brands and offer its telecommunications services side-by-side with electronics equipment consumers use to access those services. Cablevision Chief Executive Officer James L. Dolan said, ''The selection of Nobody Beats the Wiz as Cablevision's primary retail link to our customers represents one of the best examples of convergence yet. It will create a regional showplace to experience first hand the benefits of one-stop shopping. Customers may, in one convenient location, purchase a new generation of digital electronics and select Cablevision's telecommunications products -- backed by unparalleled service and support.'' New York Governor George Pataki said, ''I am delighted to see that Cablevision is again demonstrating its commitment to New York. The acquisition of Nobody Beats the Wiz is an investment in the economy of the region and will ensure the retention of jobs for New Yorkers.'' Nobody Beats the Wiz owns and operates stores primarily in the New York metropolitan area, where Cablevision's pending acquisition of cable systems from Tele-Communications Inc. [Nasdaq:LBTYA - news] will increase Cablevision's New York customer base to 2.5 million households. Over the past year, more than 35 million shoppers entered one of the Nobody Beats the Wiz stores. Following the acquisition Cablevision intends to keep open 36 of the existing retail locations; 17 will be closed and are not covered by the acquisition. ''Acquiring Nobody Beats the Wiz gives Cablevision direct access to our customers at a time when our brands and services are expanding and we are preparing to deploy new digital technology,'' Mr. Dolan added. Cablevision management detailed numerous expected benefits to the marketplace and opportunities for synergies between Nobody Beats the Wiz and Cablevision, including: Benefits to Consumer -- One-stop-shopping: Everything The Wiz sells relates directly to services that Cablevision is providing to regional customers. -- A customer who purchases a computer could have a cable modem installed and the equipment delivered with an Optimum Online high-speed cable subscription waiting if they so choose -- Opportunities for customers to pay their Cablevision bill, order new services, and purchase tickets to live events at Radio City Music Hall and Madison Square Garden all in one store. -- Package discounts and "frequent-flyer"-type programs that provide customers with more value -- In-store customer service centers can provide interested customers with seamless delivery of hardware and related services -- A customer-friendly "convergence" of goods and services in one location will take the guesswork out of choosing the right combination of electronic hardware and Cablevision telecommunication services Benefits to Cablevision -- Cablevision's strategy of expanding its ability to serve customers in the New York metropolitan area is strengthened by the acquisition of a wide New York retail establishment such as Nobody Beats the Wiz -- In terms of establishing a retail presence, this move could not otherwise be cost-efficiently replicated. -- A retail presence will create a showplace for new technologies important to Cablevision's future such as cable modems and HDTV. -- A retail presence strengthens the relationship between Cablevision and its customers - and provides an opportunity to tap into discretionary spending on electronic hardware by offering in the same location software services that make the hardware work. Benefits to Nobody Beats the Wiz -- Nobody Beats the Wiz will get access to increased attention from Cablevision's strong New York metropolitan area customer base, while maintaining the Wiz's widely recognized retail presence in a very competitive marketplace. -- Nobody Beats the Wiz marketing and promotion programs rely heavily on sports-based themes and media, providing opportunities for cross promotion between Cablevision's teams and venues. Benefits to New York Metropolitan Area -- A major New York area based business and employer stays open generating millions of dollars in sales and income tax revenue. -- Joining the resources of these two companies represents a major investment in the economy of the region. The Nobody Beats the Wiz acquisition caps a series of significant transactions for Cablevision over the last year: -- The acquisition of the Madison Square Garden properties including the professional sports teams The New York Knicks , The New York Rangers and The New York Liberty -- The purchase of Radio City Productions, together with the signing of a long-term lease on Radio City Music Hall - home of the world famous Rockettes and the Christmas Spectacular -- The pending acquisition of the New York Metro area cable systems of Tele-Communications Inc., which will provide a 50% increase in Cablevision's cable system ownership in the New York area -- The strategic alliance with the @Home Network to deliver high-speed internet service to customers in Cablevision's core markets -- Fox/Liberty $850 million investment in sports programming partnerships with Cablevision Rainbow Media Holdings Cablevision Systems Corporation is one of the nation's leading diversified telecommunications and entertainment companies. As the sixth largest operator of cable television systems, Cablevision's cable division serves households primarily in the New York, Boston and Cleveland metropolitan areas. The company's Rainbow Media Holdings subsidiary owns and manages entertainment, news and sports programming services including Bravo and American Movie Classics. Cablevision's Madison Square Garden L.P., includes the arena complex, the New York Knicks, the New York Rangers, as well as the MSG Network. Its Radio City Productions manages the operations and holds a long-term lease on New York's famed Radio City Music Hall. Cablevision Lightpath Inc., a wholly owned subsidiary, provides telephone service to more than 850 businesses on Long Island, while Optimum Online offers high-speed online and Internet access via cable modems to customers in New York and Connecticut. Contact: Cablevision Systems Corporation Charlie Schueler, 516/393-1399 More Quotes and News: Alberta:CVC.AL - news Cablevision Systems Corp (AMEX:CVC - news) Tele-Communications Inc (Nasdaq:LBTYA - news) Related News Categories: computers, entertainment, retail, telecom Help Copyright c 1998 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving ina public database, redistributing via a computer network or in a printed form. See our Important Disclaimers and Legal Information. Questions or Comments?