ATLANTA--(BUSINESS WIRE)--April 23, 2004--Cox Communications, Inc. (NYSE: COX) will redeem all remaining outstanding Exchangeable Subordinated Debentures due 2029 (CUSIP No. 224044 503) ("PRIZES") and all remaining outstanding 3% Exchangeable Subordinated Debentures due 2030 (CUSIP No. 224044 AW7)("Premium PHONES") in accordance with the terms of the instruments governing such securities on Monday, June 7, 2004 (the "Redemption Date").

Each of the remaining outstanding 164,424 PRIZES has an original principal amount of $88.50, and each of the remaining outstanding 107 Premium PHONES has an original principal amount of $1,000. Cox currently expects the redemption price it will be required to pay to holders of the PRIZES and Premium PHONES pursuant to the respective governing instruments will be the original principal amount for each security, plus accrued and unpaid interest. The redemption price is dependent, in part, upon the market value of the referenced shares associated with these securities, as described further below, and on or about May 29, 2004, five business days prior to the Redemption Date, Cox will provide more information regarding the actual redemption price to be paid to holders of PRIZES and Premium PHONES on the Redemption Date.

With respect to the PRIZES, Cox will pay a quarterly interest payment on May 15, 2004, to holders of record as of May 1, 2004, at the rate of $0.4425 per PRIZES. There is no interest payment date with respect to the Premium PHONES prior to the Redemption Date.

The PRIZES are listed on the New York Stock Exchange under the symbol "PRI". The Premium PHONES are not listed on any stock exchange nor quoted on any automated dealer quotation system. The PRIZES are exchangeable for cash based on the market value of certain reference shares, which as a result of the Sprint recombination transaction described below, is one (1) share of Sprint common stock (NYSE: FON). Holders may tender PRIZES for exchange at any time prior to Noon eastern time on the Redemption Date. In accordance with supplemental indenture governing the Premium PHONES, the Premium PHONES are no longer exchangeable.

Sprint Corporation has authorized the elimination of its PCS tracking stock by mandating the exchange of its PCS shares for shares of its FON common stock, effective as of April 23, 2004. Sprint also has announced a regular cash dividend payable to all record holders of its FON common stock as of June 9, 2004. Since the Sprint record date is after the Redemption Date, the redemption price paid by Cox for the remaining outstanding PRIZES and Premium PHONES will not include any amounts attributable to the regular cash dividend declared on the Sprint FON common stock.

Acerca de Cox Communications

Cox Communications (NYSE: COX), a Fortune 500 company, is a multi-service broadband communications company with approximately 6.6 million total customers, including approximately 6.3 million basic cable subscribers. Cox is the nation's fourth-largest cable television provider, and offers both traditional analog video programming under the Cox Cable brand as well as advanced digital video programming under the Cox Digital Cable brand. Cox provides an array of other communications and entertainment services, including local and long distance telephone under the Cox Digital Telephone brand; high-speed Internet access under the brands Cox High Speed Internet and Cox Express; and commercial voice and data services via Cox Business Services. Local cable advertising, promotional opportunities and production services are sold under the Cox Media(SM) brand. Cox is an investor in programming networks including Discovery Channel. More information about Cox Communications can be accessed on the Internet at www.cox.com/espanol.

Caution Concerning Forward-Looking Statements

Statements in this release, including statements relating to growth opportunities, revenue and cash flow projections and introduction of new products and services, are "forward-looking statements", as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to Cox's future plans, earnings, objectives, expectations, performance and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the broadband communications industry, our ability to achieve anticipated subscriber and revenue growth, our success in implementing new services and other operating initiatives, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations, and other risk factors described from time to time in Cox's filings with the Securities and Exchange Commission. Cox assumes no responsibility to update any forward-looking statements as a result of new information, future events or otherwise.

CONTACT: Cox Communications, Atlanta
Bobby Amirshahi, 404-843-7872

SOURCE: Cox Communications, Inc.