Cox Enterprises, Inc. announces pricing of Strypes Securities

Business Wire, May 23, 1996

ATLANTA--(BUSINESS WIRE)--May 23, 1996--Cox Enterprises, Inc., the privately-held majority owner of Cox Communications, Inc. (NYSE:COX), today announced the pricing of an offering of 8.5 million 6.0% STRYPES (Structured Yield Product Exchangeable for Stock) due June 1, 1999.

The STRYPES are obligations of Merrill Lynch & Co., Inc. which are mandatorily exchangeable at maturity for stock of Cox Communications owned by Cox Enterprises, or the cash equivalent. The Merrill Lynch STRYPES offering was priced for sale at $22.875 with a threshold appreciation price of $27.91 per STRYPES.

Cox Enterprises has entered into an agreement with Merrill Lynch pursuant to which it will commit to deliver to Merrill Lynch in 1999 up to 8.5 million shares of Cox Communications Class A Common Stock or the cash equivalent. Cox Enterprises will receive approximately $188.5 million from the offering, not including any proceeds from the exercise of a 15% over-allotment option. Cox Communications will not be issuing any new shares in connection with, and will not receive any proceeds from, the offering.

Cox Enterprises beneficially owns 189,595,588 shares of the Class A Common Stock and 13,798,896 shares of the Class C Common Stock representing approximately 75.3% of the economic interest and 83.1% of the voting interest in Cox Communications. Cox Enterprises will continue to beneficially own the shares subject to the forward purchase contract until maturity, at which time Cox Enterprises may deliver shares of Cox Communications or the cash equivalent to Merrill Lynch.

Cox Communications is the nation's fifth largest multiple system operator, serving more than 3.3 million customers. Cox Communications is a fully integrated, diversified broadband communications company with interests in domestic and international cable distribution systems, programming and telecommunications technology.

Headquartered in Atlanta, Cox Enterprises owns Cox Newspapers, Inc. (newspapers, direct mail marketing, book publishing and online services) and Cox Broadcasting, Inc. (TV, radio, spot sales, production and research). It has majority ownership of Manheim Auctions, Inc. (wholesale auto auctions, dealer financial services, government auctions, online services and printed price guides) and Cox Communications.

CONTACT: Cox Enterprises

All Inquiries:

Richard Jacobson

Treasurer

404/843-5111

or

Cox Communications

Media Relations:

Ellen East

Director of Communications

404/843-5854

or

Analysts/Investors:

Dallas Clement

Assistant Treasurer

404/843-5677