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COX ENTERPRISES TO ACQUIRE MERRILL LYNCH'S REMAINING INTEREST IN TELEPORT COMMUNICATIONS GROUP

 COX ENTERPRISES TO ACQUIRE MERRILL LYNCH'S REMAINING INTEREST
 IN TELEPORT COMMUNICATIONS GROUP
 NEW YORK, March 4 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER) and Cox Enterprises, Inc., announced today that Cox has exercised its options to purchase Merrill Lynch's remaining 37.6 percent interest in Teleport Communications Group, Inc. (Teleport). Cox, which already owned 12.5 percent of Teleport's stock, will own 50.1 percent and will be able to designate a majority of Teleport's board of directors. Terms of the transaction were not disclosed.
 Merrill Lynch announced on Feb. 18, 1992, its agreement to sell 49.9 percent of Teleport to Tele-Communications, Inc. (TCI). Closing of the Cox transaction is subject to regulatory approvals and the simultaneous closing of the TCI transaction. Upon completion of the transactions with Cox and TCI, Merrill Lynch will no longer own any interest in Teleport.
 Teleport owns and operates fiber optic communications systems in 25 municipalities across the nation. These fiber optic networks are used by communications-intensive businesses and long-distance carriers for point-to-point digital communications links.
 According to John Dillon, senior vice president of Cox Enterprises, "Teleport has developed a successful business by satisfying a growing demand for a diverse source of high quality, highly reliable and secure local telecommunications services. Teleport will continue to develop its business on this basis with our strong and enthusiastic support."
 Robert Annunziata, Teleport's chairman, president and chief executive officer, stated, "Our success has been built on the long-term relationships established with our customers and suppliers. We now look forward to the strong support of our new investors, Cox and TCI, and to establishing synergistic relationships with other organizations that want to share our vision of the future."
 Merrill Lynch is one of the largest securities firms in the world and provides investment, financing, insurance and related services to governments, individuals, institutions and corporations.
 Cox Enterprises is a major media company that includes 17 daily newspapers, 24 cable television systems and 21 radio and television stations in the United States. A fourth division, Manheim Auctions, is the world's largest operator of automobile auctions, with 45 locations in the United States and 2 in Canada.
 -0- 3/4/92
 /CONTACT: William Clark of Merrill Lynch & Co., 212-449-7284, or John Dillon of Cox Enterprises, 404-843-5104, or Robert Atkinson of Teleport Communications Groups, 718-983-2160, for Merrill Lynch & Co./
 (MER) CO: Merrill Lynch & Co. Inc.; Cox Enterprises Inc. ST: New York IN: TLS SU: TNM


SH-OS -- NY051 -- 4944 03/04/92 12:03 EST
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Publication:PR Newswire
Date:Mar 4, 1992
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