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MERRILL LYNCH COMPLETES AGREEMENT FOR DIVESTITURE OF TELEPORT

 MERRILL LYNCH COMPLETES AGREEMENT FOR DIVESTITURE OF TELEPORT
 NEW YORK, Feb. 18 /PRNewswire/ -- Merrill Lynch & Co. (NYSE: MER), announced today that it has signed an agreement with Tele-Communications, Inc. (TCI) in which TCI will acquire 49.9 percent of the stock of Teleport Communications, Inc. (Teleport).
 In December 1991, Cox Enterprises acquired a 12.5 percent interest in Teleport and entered into an option agreement to purchase an additional 37.6 percent, thereby raising its stake to 50.1 percent. If Cox does not purchase such additional shares, TCI is obligated to do so. Upon completion of such transactions, Merrill Lynch will no longer own any interest in Teleport. Closing of the transactions is subject to regulatory approvals.
 Teleport owns and operates fiber optic Metropolitan Area Network (MAN) communications systems in 25 municipalities across the nation. These fiber optic networks are used by communications-intensive business and long distance carriers for point-to-point digital communications lines. MANs offer high quality transmission of voice and data, reliability, security and route diversity.
 Robert Annunziata, chairman, president and CEO of Teleport Communications Group, said that the announcement was clearly a strong demonstration of confidence in Teleport. "We are delighted that two premier companies like Cox Enterprises and TCI have decided to invest in Teleport's future," he said.
 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. Several years ago Merrill Lynch announced its plan to divest itself of non-core businesses. The transactions with TCI and Cox represent another step toward achieving this strategic plan.
 Headquartered in Englewood, Colo., TCI is the nation's largest cable TV company.
 Headquartered in Atlanta, Cox Enterprises is a privately held corporation with major holdings in cable TV, newspapers, broadcasting and auto auctions.
 -0- 2/18/92
 /CONTACT: William Clark of Merrill Lynch, 212-449-7284; Robert Atkinson of Teleport, 718-983-2160; Robert Thomson of TCI, 303-267-5220; or John Dillon of Cox Enterprises, 404-843-5104/
 (MER) CO: Merrill Lynch & Co. Inc. ST: New York IN: FIN AIR SU: TNM


SM-TS -- NY063 -- 9945 02/18/92 12:36 EST
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Date:Feb 18, 1992
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