FOR IMMEDIATE RELEASE Exhibit 99.1
COX RADIO ANNOUNCES
PRICING OF SUCCESSFUL PUBLIC OFFERING
ATLANTA, June 22, 2000 - Cox Radio, Inc. (NYSE: CXR) announced today
the pricing of its public offering of 8,800,000 shares of its Class A common
stock at a price of $29.00 per share. In addition, Cox Enterprises, Inc. will
purchase an additional 3,591,954 shares of Class A common stock in a private
placement at a per share price equal to the public offering price per share,
less the underwriting discounts and commissions. The total net proceeds to Cox
Radio are expected to be approximately $344.5 million. Cox Radio also has
granted the underwriters the option to purchase an additional 1,320,000 shares
to cover over-allotments.
The offering was lead-managed by Credit Suisse First Boston and Morgan
Stanley Dean Witter and co-managed by Allen & Company Inc., Banc of America
Securities LLC, First Union Securities, Inc., Robertson Stephens and Salomon
Smith Barney.
The offering will be consummated and the shares of Class A common stock
will be delivered on or about June 27, 2000. Cox Radio expects to use the net
proceeds of this offering to partially finance pending acquisitions, to repay
outstanding indebtedness and for general corporate purposes.
Cox Radio is the fourth largest radio company in the United States
based on net revenues. Pending the close of all announced transactions, Cox
Radio would own, operate or provide sales and marketing services for 81 stations
(64 FM and 17 AM) clustered in 17 markets including major markets such as
Atlanta, Houston, Miami, Tampa, Orlando and San Antonio. Cox Radio's shares of
Class A common stock are traded on the New York Stock Exchange under the symbol
"CXR."
Contact:
Analysts and Investors Analysts, Investors, Press or Media
Maritza Pichon John Buckley
Chief Financial Officer Brainerd Communicators
Cox Radio, Inc. 212-986-6667
404-843-5159
