Cox Considers Buyout Offer

ATLANTA -- Cox Communications, Inc. (NYSE:COX - News) announced that its Board of Directors has formed a Special Committee of independent directors to consider the previously announced proposal of Cox Enterprises, Inc. to negotiate an agreement providing for the acquisition of all of the shares of Class A Common Stock of Cox Communications not owned by Cox Enterprises or their affiliates at a cash purchase price of $32.00 per share. The members of the Special Committee are Janet Clarke, Rodney Schrock and Andrew Young.

The Special Committee announced that it has engaged Goldman, Sachs & Co. as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor to assist in its evaluation of the proposal by Cox Enterprises. The Special Committee may engage in discussions with Cox Enterprises as part of the Committee's review and evaluation of the proposal. However, there can be no assurance that any agreement on financial and other terms satisfactory to the Special Committee will result from the Committee's evaluation of the Cox Enterprises proposal or that any acquisition transaction regarding Class A Common Stock will be completed.

Cox Communications Inc.