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FCC APPROVES OWNERSHIP TRANSFER OF TELEPORT COMMUNICATIONS GROUP FROM MERRILL LYNCH TO COX ENTERPRISES AND TELE-COMMUNICATIONS, INC.

FCC APPROVES OWNERSHIP TRANSFER OF TELEPORT COMMUNICATIONS GROUP FROM MERRILL LYNCH TO COX ENTERPRISES AND TELE-COMMUNICATIONS, INC.
 NEW YORK, Aug. 5 /PRNewswire/ -- The Federal Communication Commission (FCC) today authorizes a transfer of microwave radio licenses that effectively approves the planned sale of Teleport Communications Group (TCG) by Merrill Lynch to Cox Enterprises and Tele-Communications, Inc.
 The authorization was necessary because Teleport Communications-New York, a subsidiary of TCG, holds two FCC radio microwave licenses. TC- NY uses the microwave licenses to provide either "quick start" microwave service until fiber optics can be installed to the customer's location or additional route diversity to complement TC-NY's existing fiber optic network.
 FCC authorization is one of several regulatory approvals that must be obtained at the federal and state level before the ownership transfer can be completed.
 Cox, which last year purchased a 12.5 percent share of TCG from Merrill Lynch, has agreed to purchase an additional 37.6 percent share that would give it 50.1 percent ownership. TCI has agreed to purchase a 49.9 percent investment share.
 The commissions's decision was hailed by Cox and TCG officials as a significant benefit for the nation's telecommunications infrastructure, particularly for the rapid and efficient deployment of state-of-the-art fiber optic networks.
 John Dillon, senior vice president and chief financial officer of Cox Enterprises in Atlanta, said the commission's approval represented a "critical first step" in creating the appropriate environment for important new customer-driven investments in the county's telecommunications infrastructure.
 Robert Annunziata, chairman, president and CEO of Teleport Communications Group, New York, hailed the ruling as further evidence of the commission's long standing support for innovation and investment as the vehicles to deliver to the American public the most advanced, cost- effective telecommunications services in the world.
 "While much work remains to achieve our vision, I Believe TCG's message is being heard and the commission's decision reflects that," he said. "We see the FCC decision as confirmation of the idea that entrepreneurial companies like TCG should be encouraged to assume the risks of building advanced public telecommunications networks."
 State regulatory approval for the ownership transfer is required in some of the states where TCG has deployed fiber optic networks. TCG officials said they are confident that state regulatory authorization, like the FCC approval will be forthcoming shortly.
 -0- 8/5/92
 /CONTACT: Roger Cawley of Teleport Communications, 718-983-2122/ CO: Teleport Communications Group; Merrill Lynch; Cox Enterprises ST: New York, Georgia IN: TLS SU:


LD-SM -- NY081 -- 7280 08/05/92 16:54 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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