ATLANTA, May 6, 2003 (BUSINESS WIRE) -- Cox Communications, Inc. (NYSE: COX) today announced that it is commencing cash tender offers to purchase any and all of its outstanding 2% Exchangeable Subordinated Debentures due 2029 (the "PRIZES") and 3% Exchangeable Subordinated Debentures due 2030 (the "Premium PHONES" and, together with the PRIZES, the "Subordinated Debentures").

The tender offers are being made in connection with Cox's continuing efforts to reduce its long-term obligations and simplify its balance sheet. These offers are being made upon the terms and are subject to the conditions set forth in an Offer to Purchase dated May 6, 2003.

The Subordinated Debentures will be purchased at a price of $39.50 for each $88.50 original principal amount of the PRIZES and $581.25 for each $1,000 original principal amount of the Premium PHONES, if validly tendered before 5:00 p.m., New York City time, on May 19, 2003. After May 19, 2003, but before the expiration of the offers at 5:00 p.m., New York City time, on June 4, 2003, unless extended by Cox, the Subordinated Debentures will be purchased at a price of $37.50 per PRIZES and $561.25 per Premium PHONES. In either case, holders of the Subordinated Debentures who tender their securities will receive accrued and unpaid interest and dividends up to but excluding the settlement date. In addition, pursuant to the terms of the PRIZES, each holder of record of the PRIZES on May 1, 2003 will receive a regularly scheduled quarterly interest payment on May 15, 2003, regardless of whether such holder has tendered PRIZES pursuant to the Offer to Purchase. A more comprehensive description of the tender offers can be found in the Offer to Purchase.

Morgan Stanley and Merrill Lynch & Co. are acting as dealer managers and Georgeson Shareholder Communications Inc. is acting as information agent in connection with the tender offers. Morgan Stanley's Liability Management desk can be contacted at (800) 624-1808 and Merrill Lynch's Liability Management desk can be contacted at (888) 654-8637. For additional information regarding the tender offers, reference should be made to the Offer to Purchase and related Letter of Transmittal, copies of which can be obtained from the information agent at (800) 813-3269. Banc of America Securities LLC and SunTrust Robinson Humphrey are serving as co-managers for the tender offers. Neither Cox nor any of the dealer managers, the co-managers, or the information agent makes any recommendation as to whether or not holders should tender their Subordinated Debentures pursuant to the offers.

Cox Communications, a Fortune 500 company, is a multi-service broadband communications company serving approximately 6.3 million customers nationwide. 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 its affiliate Cox Business Services, LLC. 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.

SOURCE: Cox Communications, Inc.

Cox Communications, Atlanta Media Relations Laura Oberhelman, 404/269-7562 laura.oberhelman@cox.com or Investor Relations Lacey Lewis, 404/269-7608 lacey.lewis@cox.com