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                                                                    Exhibit 99.3

[ATALANTA SOSNOFF LOGO]
101 PARK AVENUE, NEW YORK, NEW YORK 10178-0008 (212) 867-5000 FAX (212) 922-1834

                                                           FOR IMMEDIATE RELEASE


For Further Information,
contact Kevin S. Kelly
Senior Vice President and
Chief Financial Officer
Atalanta/Sosnoff Capital Corporation
Telephone (212) 867-5000
New York, NY 10178
E-Mail: ksk@atalantasosnoff.com
Website: www.atalantasosnoff.com


                      ATALANTA/SOSNOFF CAPITAL CORPORATION
                           BOARD RECEIVES BUYOUT OFFER


NEW YORK - DECEMBER 6, 2002. Atalanta/Sosnoff Capital Corporation (NYSE: ATL)
announced today that it had received a proposal from Martin T. Sosnoff, its
Chairman of the Board and Chief Executive Officer, to acquire the approximately
17% of the outstanding shares of the Company's common stock not already owned by
Mr. Sosnoff.

         Under the terms of the proposal, a new entity which would hold Mr.
Sosnoff's stock would be merged with and into Atalanta/Sosnoff, with
Atalanta/Sosnoff as the surviving entity. All outstanding shares of
Atalanta/Sosnoff not already held by Mr. Sosnoff would be acquired for a cash
price of $12.50 per share, subject to adjustment to reflect changes in the value
of the Company's portfolio of marketable securities from current levels.

         Atalanta/Sosnoff's Board of Directors will form a Special Committee of
independent directors to consider Mr. Sosnoff's proposal. The proposal is
subject to the approval of that Special Committee, the negotiation of a
definitive agreement and other customary conditions to closing.

         Atalanta/Sosnoff provides discretionary investment advisory, brokerage
and other related services to corporate and public retirement plans, endowments,
charitable and religious organizations, and individuals in both taxable and
tax-exempt accounts. Assets under management at November 30, 2002 were
approximately $2.1 billion.

         Certain of the foregoing are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following general economic and business
conditions: the loss of, or the failure to


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replace any significant clients; changes in the relative investment performance
of client or firm accounts and changes in the financial marketplace,
particularly in the securities markets. These forward-looking statements speak
only as of the date of this Release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.


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