SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------

                                    FORM 8-K

                                 CURRENT REPORT

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

                Date of Report (Date of earliest event reported):
                                 April 15, 1997

                         CABLEVISION SYSTEMS CORPORATION
             (Exact name of registrant as specified in its charter)

    STATE OF DELAWARE                1-9046                 11-2776686
     (State or other              (Commission             (IRS Employer
     jurisdiction of              File Number)          Identification No.)
      incorporation)

Cablevision Systems Corporation
One Media Crossways
Woodbury, New York                                            11797
(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code: (516) 364-8450

                                       N/A
          (Former name or former address, if changed since last report)
<PAGE>

Items 1 - 4.  Not Applicable.

Item 5. Other Events

            On April 16, 1997 Cablevision Systems Corporation and certain of its
affiliates and ITT Corporation and certain of its affiliates, entered into
definitive agreements relating to the acquisition by subsidiaries of Cablevision
of ITT's 50 percent interest in Madison Square Garden L.P. ("MSG").

            MSG owns the New York Rangers professional hockey team, the New York
Knicks professional basketball team, the Madison Square Garden arena and the MSG
Network. Under the definitive agreements, Cablevision, through its Rainbow Media
Holdings, Inc. subsidiary ("Rainbow"), will pay, or cause MSG to pay, ITT $500
million in cash at closing, increasing Cablevision's interest in MSG to 88.5%.
ITT also has a "put" option to require Cablevision or MSG to purchase half of
ITT's continuing interest in MSG for $75 million on the first anniversary of the
closing and the other half of its continuing interest for an additional $75
million on the second anniversary of the closing or, if the first option is not
exercised, the entire interest for $150 million. In addition, ITT will have the
right to contribute to MSG an ITT-owned aircraft which MSG has used for the
Knicks and Rangers. The purchase price for the aircraft would be paid by adding
an additional $19 million to each of the put options. The agreement also
includes a "call" option wherein Cablevision could require ITT to sell its
remaining stake in MSG on the third anniversary of the closing at fair market
value, or a minimum of $150 million ($188 million if the airplane is
contributed). The definitive agreements also provide for Rainbow's contribution
of its SportsChannel New York programming company to MSG.

            The transaction is expected to be completed in June of this year.
Cablevision has received a commitment letter from The Chase Manhattan Bank for
the provision to MSG of an $850 million stand alone senior secured credit
facility to fund the initial purchase, refinance existing MSG indebtedness and
to finance MSG's working capital requirements and general corporate needs. The
closing is subject to approvals by the National Basketball Association and the
National Hockey League and other customary closing conditions.

            The preceding is qualified in its entirety by reference to the
documents attached hereto as exhibits.

Item 6.  Not Applicable.


                                       -2-
<PAGE>

Item 7.  Exhibits.

2(a)     Partnership Interest Transfer Agreement, among ITT Corporation, ITT
         Eden Corporation, ITT MSG, Inc., Cablevision Systems Corporation,
         Rainbow Media Holdings, Inc., Rainbow Garden Corp., Garden L.P. Holding
         Corp., MSG Eden Corporation and Madison Square Garden, L.P., dated as
         of April 15, 1997.

2(b)     Amended and Restated Agreement of Limited Partnership of Madison Square
         Garden, L.P., among MSG Eden Corporation, ITT MSG Inc. and Garden L.P.
         Holding Corp., dated as of April 15, 1997.

2(c)     SportsChannel Contribution Agreement, among Rainbow Media Holdings,
         Inc., Garden L.P. Holding Corp., Rainbow Garden Corp., SportsChannel
         New York Holding Partnership, SportsChannel Associates Holding
         Corporation, MSG Eden Corporation, ITT MSG Inc., ITT Eden Corporation,
         and Madison Square Garden, L.P., dated as of April 15, 1997.

2(d)     Aircraft Contribution Agreement, among Garden L.P. Holding Corp., MSG
         Eden Corporation, ITT MSG Inc., ITT Flight Operations, Inc., and
         Madison Square Garden, L.P., dated as of April 15, 1997.

(99)     Press Release, dated as of April 16, 1997, issued by Cablevision
         Systems Corporation.


                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                 CABLEVISION SYSTEMS CORPORATION



                                        By: /s/  Marc Lustgarten
                                                 ------------------------
Date: April 18, 1997                             Marc Lustgarten
                                                 Vice Chairman


                                       -3-
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SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             ----------------------

                                    FORM 8-K

                                 CURRENT REPORT

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

                Date of Report (Date of earliest event reported):
                                 April 15, 1997

                         CABLEVISION SYSTEMS CORPORATION
             (Exact name of registrant as specified in its charter)

    STATE OF DELAWARE                1-9046                 11-2776686
     (State or other              (Commission             (IRS Employer
     jurisdiction of              File Number)          Identification No.)
      incorporation)

Cablevision Systems Corporation
One Media Crossways
Woodbury, New York                                            11797
(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code: (516) 364-8450

                                       N/A
          (Former name or former address, if changed since last report)
Items 1 - 4.  Not Applicable.

Item 5. Other Events

            On April 16, 1997 Cablevision Systems Corporation and certain of its
affiliates and ITT Corporation and certain of its affiliates, entered into
definitive agreements relating to the acquisition by subsidiaries of Cablevision
of ITT's 50 percent interest in Madison Square Garden L.P. ("MSG").

            MSG owns the New York Rangers professional hockey team, the New York
Knicks professional basketball team, the Madison Square Garden arena and the MSG
Network. Under the definitive agreements, Cablevision, through its Rainbow Media
Holdings, Inc. subsidiary ("Rainbow"), will pay, or cause MSG to pay, ITT $500
million in cash at closing, increasing Cablevision's interest in MSG to 88.5%.
ITT also has a "put" option to require Cablevision or MSG to purchase half of
ITT's continuing interest in MSG for $75 million on the first anniversary of the
closing and the other half of its continuing interest for an additional $75
million on the second anniversary of the closing or, if the first option is not
exercised, the entire interest for $150 million. In addition, ITT will have the
right to contribute to MSG an ITT-owned aircraft which MSG has used for the
Knicks and Rangers. The purchase price for the aircraft would be paid by adding
an additional $19 million to each of the put options. The agreement also
includes a "call" option wherein Cablevision could require ITT to sell its
remaining stake in MSG on the third anniversary of the closing at fair market
value, or a minimum of $150 million ($188 million if the airplane is
contributed). The definitive agreements also provide for Rainbow's contribution
of its SportsChannel New York programming company to MSG.

            The transaction is expected to be completed in June of this year.
Cablevision has received a commitment letter from The Chase Manhattan Bank for
the provision to MSG of an $850 million stand alone senior secured credit
facility to fund the initial purchase, refinance existing MSG indebtedness and
to finance MSG's working capital requirements and general corporate needs. The
closing is subject to approvals by the National Basketball Association and the
National Hockey League and other customary closing conditions.

            The preceding is qualified in its entirety by reference to the
documents attached hereto as exhibits.

Item 6.  Not Applicable.

                                       -2-
Item 7.  Exhibits.

2(a)     Partnership Interest Transfer Agreement, among ITT Corporation, ITT
         Eden Corporation, ITT MSG, Inc., Cablevision Systems Corporation,
         Rainbow Media Holdings, Inc., Rainbow Garden Corp., Garden L.P. Holding
         Corp., MSG Eden Corporation and Madison Square Garden, L.P., dated as
         of April 15, 1997.

2(b)     Amended and Restated Agreement of Limited Partnership of Madison Square
         Garden, L.P., among MSG Eden Corporation, ITT MSG Inc. and Garden L.P.
         Holding Corp., dated as of April 15, 1997.

2(c)     SportsChannel Contribution Agreement, among Rainbow Media Holdings,
         Inc., Garden L.P. Holding Corp., Rainbow Garden Corp., SportsChannel
         New York Holding Partnership, SportsChannel Associates Holding
         Corporation, MSG Eden Corporation, ITT MSG Inc., ITT Eden Corporation,
         and Madison Square Garden, L.P., dated as of April 15, 1997.

2(d)     Aircraft Contribution Agreement, among Garden L.P. Holding Corp., MSG
         Eden Corporation, ITT MSG Inc., ITT Flight Operations, Inc., and
         Madison Square Garden, L.P., dated as of April 15, 1997.

(99)     Press Release, dated as of April 16, 1997, issued by Cablevision
         Systems Corporation.

                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                 CABLEVISION SYSTEMS CORPORATION

                                        By: /s/  Marc Lustgarten
                                                 ------------------------
Date: April 18, 1997                             Marc Lustgarten
                                                 Vice Chairman

                                       -3-