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MERRILL LYNCH AND COX ENTERPRISES CONSUMMATE TELEPORT TRANSACTION

MERRILL LYNCH AND COX ENTERPRISES CONSUMMATE TELEPORT TRANSACTION
 NEW YORK, Dec. 12 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER), and Cox Enterprises, Inc. announced today the consummation of the acquisition by Cox of a 12.5 percent interest in the stock of Teleport Communications Group, Inc. Merrill Lynch and Cox previously announced on June 19, 1991 that they had entered into a definitive agreement and the closing of the transaction has been pending certain approvals, all of which have now been received.
 The announcement was made by John R. Dillon, senior vice president and chief financial officer of Cox Enterprises and Edward L. Goldberg, executive vice president, operations, systems & telecommunications of Merrill Lynch. Terms of the transaction were not disclosed.
 Teleport owns and operates fiber optic Metropolitan Area Network (MAN) communications systems serving 17 U.S. business centers in and around New York, Boston, Chicago, Los Angeles, San Francisco, Houston and Dallas. Teleport Communications Group is the most experienced and largest MAN operator in the U.S. In each city, Teleport builds fiber optic rings that are used by businesses and long-distance carriers for point-to-point communications lines. MANs have proven popular with these customers because they offer high-quality transmission and the reliability provided by communications route diversity.
 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.
 Headquartered in Atlanta, Cox Enterprises is a major media company which includes 17 daily newspapers, 24 cable television systems and 21 television and radio stations. A fourth division, Manheim Auctions, operates 47 automobile auctions.
 -0- 12/12/91
 /CONTACT: William Clark of Merrill Lynch, 212-449-7284; William L. Killen, Jr. of Cox Enterprises, 404-843-5190; or Robert Atkinson of Teleport Communications Group, 718-983-2160/
 (MER) CO: Merrill Lynch & Co., Inc.; Cox Enterprises, Inc.; Teleport ST: New York, Georgia IN: FIN TLS SU: FC-SM -- NY018 -- 1855 12/12/91 10:25 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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