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                                  EXHIBIT 4.9

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                    PREFERRED SECURITIES GUARANTEE AGREEMENT


                                COX RADIO, INC.


                         Dated as of _______ ___, _____

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                               TABLE OF CONTENTS

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                                                                                                              PAGE
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<S>                   <C>                                                                                     <C>
                                                    ARTICLE I
                                           DEFINITIONS AND INTERPRETATION


SECTION 1.1           Definitions and Interpretation..............................................................2

                                                    ARTICLE II
                                               TRUST INDENTURE ACT

SECTION 2.1           Trust Indenture Act; Application............................................................5
SECTION 2.2           Lists of Holders of Securities..............................................................5
SECTION 2.3           Reports by the Preferred Securities Guarantee Trustee.......................................6
SECTION 2.4           Periodic Reports to Preferred Securities Guarantee Trustee..................................6
SECTION 2.5           Evidence of Compliance with Conditions Precedent............................................6
SECTION 2.6           Events of Default; Waiver...................................................................6
SECTION 2.7           Event of Default; Notice....................................................................6
SECTION 2.8           Conflicting Interests.......................................................................7

                                                   ARTICLE III
                       POWERS, DUTIES AND RIGHTS OF PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1           Powers and Duties of the Preferred Securities Guarantee Trustee.............................7
SECTION 3.2           Certain Rights of Preferred Securities Guarantee Trustee....................................9
SECTION 3.3           Not Responsible for Recitals or Issuance of Preferred Securities Guarantee.................11

                                                   ARTICLE IV
                                    PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1           Preferred Securities Guarantee Trustee; Eligibility........................................11
SECTION 4.2           Appointment, Removal and Resignation of Preferred Securities Guarantee Trustee.............12

                                                    ARTICLE V
                                                    GUARANTEE

SECTION 5.1           Guarantee..................................................................................13
SECTION 5.2           Waiver of Notice and Demand................................................................13
SECTION 5.3           Obligations Not Affected...................................................................13
SECTION 5.4           Rights of Holders..........................................................................14
SECTION 5.5           Guarantee of Payment.......................................................................14
SECTION 5.6           Subrogation................................................................................14
SECTION 5.7           Independent Obligations....................................................................15
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<TABLE>
<S>                   <C>                                                                                        <C>

                                                             ARTICLE VI
                                             LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1           Limitation of Transactions.................................................................15
SECTION 6.2           Ranking....................................................................................16

                                                            ARTICLE VII
                                                            TERMINATION

SECTION 7.1           Termination................................................................................16

                                                            ARTICLE VIII
                                           EXCULPATION, INDEMNIFICATION AND COMPENSATION

SECTION 8.1           Exculpation................................................................................16
SECTION 8.2           Indemnification............................................................................17
SECTION 8.3           Compensation...............................................................................17

                                                             ARTICLE IX
                                                           MISCELLANEOUS

SECTION 9.1           Successors and Assigns.....................................................................17
SECTION 9.2           Amendments.................................................................................18
SECTION 9.3           Notices....................................................................................18
SECTION 9.4           Benefit....................................................................................19
SECTION 9.5           Governing Law..............................................................................19
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                    PREFERRED SECURITIES GUARANTEE AGREEMENT


                  THIS PREFERRED SECURITIES GUARANTEE AGREEMENT (the "Preferred
Securities Guarantee"), dated as of ________ ___, ____, is executed and
delivered by Cox Radio, Inc., a Delaware corporation (the "Guarantor"), and The
Bank of New York, a New York banking corporation, as trustee (the "Preferred
Securities Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Preferred Securities (as defined herein) of
Cox Radio Trust [___], a statutory business trust formed under the laws of the
State of Delaware (the "Issuer").

                  WHEREAS, pursuant to an Amended and Restated Trust Agreement
(the "Agreement"), dated as of ________ ___, ____, among the trustees of the
Issuer, the Guarantor, as sponsor, and the holders from time to time of
undivided beneficial interests in the assets of the Issuer, the Issuer is
authorized to issue up to _____________ preferred securities, having an
aggregate Liquidation Amount of $ _____________, such preferred securities
being designated the ____% Trust Originated Preferred Securities (collectively,
the "Preferred Securities").

                  WHEREAS, as an incentive for the Holders to purchase the
Preferred Securities, the Guarantor desires irrevocably and unconditionally to
agree, to the extent set forth in this Preferred Securities Guarantee, to pay
to the Holders of the Preferred Securities the Guarantee Payments (as defined
herein) and to make certain other payments on the terms and conditions set
forth herein.

                  WHEREAS, the Guarantor is also executing and delivering a
guarantee agreement (the "Common Securities Guarantee") with substantially
identical terms to this Preferred Securities Guarantee, for the benefit of the
holders of the Common Securities (as defined herein), except that if an event
of default under the Agreement has occurred and is continuing, the rights of
holders of the Common Securities to receive Guarantee Payments under the Common
Securities Guarantee are subordinated, to the extent and in the manner set
forth in the Common Securities Guarantee, to the rights of holders of Preferred
Securities to receive Guarantee Payments under this Preferred Securities
Guarantee.

                  NOW, THEREFORE, in consideration of the purchase by each
Holder of Preferred Securities, which purchase the Guarantor hereby
acknowledges shall benefit the Guarantor, the Guarantor executes and delivers
this Preferred Securities Guarantee for the benefit of the Holders.


<PAGE>   5

                                   ARTICLE I
                         DEFINITIONS AND INTERPRETATION

SECTION 1.1       Definitions and Interpretation

                  In this Preferred Securities Guarantee, unless the context
otherwise requires:

                  (a)      capitalized terms used in this Preferred Securities
                           Guarantee but not defined in the preamble above have
                           the respective meanings assigned to them in this
                           Section 1.1;

                  (b)      terms defined in the Agreement as at the date of
                           execution of this Preferred Securities Guarantee
                           have the same meaning when used in this Preferred
                           Securities Guarantee unless otherwise defined in
                           this Preferred Securities Guarantee;

                  (c)      a term defined anywhere in this Preferred Securities
                           Guarantee has the same meaning throughout;

                  (d)      all references to "the Preferred Securities
                           Guarantee" or "this Preferred Securities Guarantee"
                           are to this Preferred Securities Guarantee as
                           modified, supplemented or amended from time to time;

                  (e)      all references in this Preferred Securities
                           Guarantee to Articles and Sections are to Articles
                           and Sections of this Preferred Securities Guarantee,
                           unless otherwise specified;

                  (f)      a term defined in the Trust Indenture Act has the
                           same meaning when used in this Preferred Securities
                           Guarantee, unless otherwise defined in this
                           Preferred Securities Guarantee or unless the context
                           otherwise requires; and

                  (g)      a reference to the singular includes the plural and
                           vice versa.

                  "Affiliate" has the same meaning as given to that term in
Rule 405 under the Securities Act of 1933, as amended, or any successor rule
thereunder.

                  "Business Day" means any day other than a Saturday or a
Sunday, or a day on which banking institutions or trust companies in The City
of New York are authorized or required by law, regulation or executive order to
close.

                  "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer.

                  "Corporate Trust Office" means the office of the Preferred
Securities Guarantee Trustee for the conduct of corporate trust business, at
which matters related to this Preferred Securities Guarantee Trustee shall, at
any particular time, be principally administered, which


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office at the date of execution of this Agreement is located at 101 Barclay
Street, Floor 21 West, New York, New York 10286, Attention: Corporate Trust
Administration.

                  "Covered Person" means any Holder or beneficial owner of
Preferred Securities.

                  "Debentures" means the series of junior subordinated debt
securities of the Guarantor designated the ____% Junior Subordinated Deferrable
Interest Debentures due _____, held by the Property Trustee (as defined in the
Agreement) of the Issuer.

                  "Event of Default" means a default by the Guarantor in
respect of any of its payment or other obligations under this Preferred
Securities Guarantee.

                  "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Preferred Securities,
to the extent not paid or made by the Issuer: (i) any accumulated and unpaid
Distributions (as defined in the Agreement) that are required to be paid on
such Preferred Securities, to the extent the Issuer has funds legally available
therefor at such time; (ii) the redemption price, including all accumulated and
unpaid Distributions to the date of redemption (the "Redemption Price"), to the
extent the Issuer has funds legally available therefor at such time, with
respect to any Preferred Securities called for redemption by the Issuer; and
(iii) upon a voluntary or involuntary dissolution and liquidation of the Issuer
(other than in connection with the distribution of the Debentures to holders of
the Preferred Securities or the redemption of the Preferred Securities as
provided in the Agreement), the lesser of (a) the aggregate of the Liquidation
Amount and all accumulated and unpaid Distributions on the Preferred Securities
to the date of payment, to the extent the Issuer has funds legally available
therefor at such time, and (b) the amount of assets of the Issuer remaining
available for distribution to Holders in liquidation of the Issuer (in either
case, the "Liquidation Distribution"). If an event of default under the
Agreement has occurred and is continuing, no Guarantee Payments under the
Common Securities Guarantee with respect to the Common Securities or any
guarantee payment under any Other Common Securities Guarantees shall be made
until the Holders of Preferred Securities shall be paid in full the Guarantee
Payments to which they are entitled under this Preferred Securities Guarantee.

                  "Holder" shall mean any holder, as registered on the books
and records of the Issuer, of any Preferred Securities; provided, however,
that, in determining whether the holders of the requisite percentage of
Preferred Securities have given any request, notice, consent or waiver
hereunder, "Holder" shall not include the Guarantor or any Affiliate of the
Guarantor.

                  "Indemnified Person" means the Preferred Securities Guarantee
Trustee, any Affiliate of the Preferred Securities Guarantee Trustee, or any
officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Preferred Securities
Guarantee Trustee.

                  "Indenture" means the Junior Subordinated Debentures
Indenture, dated as of ________ ___, ____, between Cox Radio, Inc., as issuer
(the "Debenture Issuer"), and The Bank of New York, as trustee, pursuant to
which the Debentures are to be issued to the Property Trustee of the Issuer.

                  "Liquidation Amount" means $[______] per Preferred Security.


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                  "List of Holders" has the meaning set forth in Section 2.2.

                  "Majority in Liquidation Amount of the Preferred Securities"
means, except as provided by the Trust Indenture Act, a vote by Holder(s) of
Preferred Securities, voting separately as a class, of more than 50% of the
aggregate Liquidation Amount (including the amount payable on redemption,
liquidation or otherwise, plus accumulated and unpaid Distributions to the date
upon which the voting percentages are determined) of all Preferred Securities.

                  "Officer's Certificate" means, with respect to any Person, a
certificate signed by the Chief Executive Officer, the President, a Vice
President, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary. Any Officer's Certificate delivered with respect to compliance with
a condition or covenant provided for in this Preferred Securities Guarantee
shall include:

                  (a)      a statement that the officer signing the Officer's
         Certificate has read the covenant or condition and the definitions
         relating thereto;

                  (b)      a brief statement of the nature and scope of the
         examination or investigation undertaken by such officer in rendering
         the Officer's Certificate;

                  (c)      a statement that such officer has made such
         examination or investigation as, in such officer's opinion, is
         necessary to enable such officer to express an informed opinion as to
         whether or not such covenant or condition has been complied with; and

                  (d)      a statement as to whether, in the opinion of such
         officer, such condition or covenant has been complied with.

                  "Other Common Securities Guarantees" shall have the same
meaning as "Other Guarantees" in the Common Securities Guarantee.

                  "Other Debentures" means all junior subordinated debentures
issued by the Guarantor from time to time and sold to trusts established by the
Guarantor, in each case similar to the Issuer.

                  "Other Guarantees" means all guarantees issued by the
Guarantor with respect to preferred securities similar to the Preferred
Securities issued by other trusts established by the Guarantor, in each case
similar to the Issuer.

                  "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association, or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Preferred Securities Guarantee Trustee" means The Bank of
New York, a New York banking corporation, until a Successor Preferred
Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Preferred Securities Guarantee and
thereafter means each such Successor Preferred Securities Guarantee Trustee.


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                  "Responsible Officer" means, with respect to the Preferred
Securities Guarantee Trustee, any officer within the Corporate Trust Office of
the Preferred Securities Guarantee Trustee, including any vice-president, any
assistant vice-president, any assistant secretary, any assistant treasurer or
other officer of the Corporate Trust Office of the Preferred Securities
Guarantee Trustee customarily performing functions similar to those performed
by any of the above-designated officers and also means, with respect to a
particular corporate trust matter, any other officer of the Preferred
Securities Guarantee Trustee to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

                  "Successor Preferred Securities Guarantee Trustee" means a
successor Preferred Securities Guarantee Trustee possessing the qualifications
to act as Preferred Securities Guarantee Trustee under Section 4.1.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

                  "Trust Securities" means, collectively, the Common Securities
and the Preferred Securities.


                                  ARTICLE II
                              TRUST INDENTURE ACT

SECTION 2.1       Trust Indenture Act; Application

                  (a)      This Preferred Securities Guarantee is subject to
the provisions of the Trust Indenture Act that are required to be part of this
Preferred Securities Guarantee and shall, to the extent applicable, be governed
by such provisions.

                  (b)      If and to the extent that any provision of this
Preferred Securities Guarantee limits, qualifies or conflicts with the duties
imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such
imposed duties shall control.

SECTION 2.2       Lists of Holders of Securities

                  (a)      The Guarantor shall provide the Preferred Securities
Guarantee Trustee H unless the Preferred Securities Guarantee Trustee is
otherwise the registrar of the Preferred Securities) with a list, in such form
as the Preferred Securities Guarantee Trustee may reasonably require, of the
names and addresses of the Holders of the Preferred Securities ("List of
Holders"), (i) within 14 days after each record date for payment of
Distributions, as of such record date and (ii) at any other time within 30 days
of receipt by the Guarantor of a written request for a List of Holders as of a
date no more than 14 days before such List of Holders is given to the Preferred
Securities Guarantee Trustee, provided that the Guarantor shall not be
obligated to provide such List of Holders at any time the List of Holders does
not differ from the most recent List of Holders given to the Preferred
Securities Guarantee Trustee by the Guarantor. The Preferred Securities
Guarantee Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

                  (b)      The Preferred Securities Guarantee Trustee shall
comply with its obligations under Sections 311(a), 311(b) and Section 312(b) of
the Trust Indenture Act.


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SECTION 2.3       Reports by the Preferred Securities Guarantee Trustee

                  Within 60 days after September 1 of each year, commencing
September 1, ____, the Preferred Securities Guarantee Trustee shall provide to
the Holders of the Preferred Securities such reports as are required by Section
313 of the Trust Indenture Act, if any, in the form and in the manner provided
by Section 313 of the Trust Indenture Act. The Preferred Securities Guarantee
Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

SECTION 2.4       Periodic Reports to Preferred Securities Guarantee Trustee

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such documents, reports and information as required by
Section 314 of the Trust Indenture Act (if any) and the compliance certificate
required by Section 314 of the Trust Indenture Act in the form, in the manner
and at the times required by Section 314 of the Trust Indenture Act. Delivery
of such reports, information and documents to the Preferred Securities
Guarantee Trustee is for informational purposes only and the Preferred
Securities Guarantee Trustee's receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Guarantor's compliance with any of
its covenants hereunder (as to which the Preferred Securities Guarantee Trustee
is entitled to rely exclusively on Officer's Certificates).

SECTION 2.5       Evidence of Compliance with Conditions Precedent

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Preferred Securities Guarantee that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) may be given in the form of an Officer's Certificate.

SECTION 2.6       Event of Default; Notice

                  The Holders of a Majority in Liquidation Amount of Preferred
Securities may, by vote, on behalf of the Holders of all of the Preferred
Securities, waive any past Event of Default and its consequences. Upon such
waiver, any such Event of Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

SECTION 2.7       Event of Default; Notice

                  (a)      The Preferred Securities Guarantee Trustee shall,
within 90 days after the occurrence of a default with respect to this Preferred
Securities Guarantee, mail by first class postage prepaid, to all Holders of
the Preferred Securities, notices of all defaults actually known to a
Responsible Officer of the Preferred Securities Guarantee Trustee, unless such
defaults have been cured before the giving of such notice, provided, that,
except in the case of default in the payment of any Guarantee Payment, the
Preferred Securities Guarantee Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive


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committee, or a trust committee of directors and/or Responsible Officers of the
Preferred Securities Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Preferred
Securities.

                  (b)      The Preferred Securities Guarantee Trustee shall not
be deemed to have knowledge of any Event of Default unless the Preferred
Securities Guarantee Trustee shall have received written notice, or a
Responsible Officer of the Preferred Securities Guarantee Trustee shall have
obtained actual knowledge, of such Event of Default.

SECTION 2.8       Conflicting Interests

                  The Indenture shall be deemed to be specifically described in
this Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.


                                  ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1       Powers and Duties of the Preferred Securities Guarantee
                  Trustee

                  (a)      This Preferred Securities Guarantee shall be held by
the Preferred Securities Guarantee Trustee for the benefit of the Holders of
the Preferred Securities, and the Preferred Securities Guarantee Trustee shall
not transfer this Preferred Securities Guarantee to any Person except a Holder
of Preferred Securities exercising his or her rights pursuant to Section 5.4(b)
or to a Successor Preferred Securities Guarantee Trustee on acceptance by such
Successor Preferred Securities Guarantee Trustee of its appointment to act as
Successor Preferred Securities Guarantee Trustee. The right, title and interest
of the Preferred Securities Guarantee Trustee shall automatically vest in any
Successor Preferred Securities Guarantee Trustee, and such vesting and
succession of title shall be effective whether or not conveyancing documents
have been executed and delivered pursuant to the appointment of such Successor
Preferred Securities Guarantee Trustee.

                  (b)      If an Event of Default actually known to a
Responsible Officer of the Preferred Securities Guarantee Trustee has occurred
and is continuing, the Preferred Securities Guarantee Trustee shall enforce
this Preferred Securities Guarantee for the benefit of the Holders of the
Preferred Securities. In such event, any moneys collected shall first be paid
to the Preferred Securities Guarantee Trustee for amounts due under Section 8.3
and then to the Holders of the Preferred Securities.

                  (c)      The Preferred Securities Guarantee Trustee, before
the occurrence of any Event of Default and after the curing of all Events of
Default that may have occurred, shall undertake to perform only such duties as
are specifically set forth in this Preferred Securities Guarantee, and no
implied covenants shall be read into this Preferred Securities Guarantee
against the Preferred Securities Guarantee Trustee. In case an Event of Default
has occurred (that has not been cured or waived pursuant to Section 2.6) and is
actually known to a Responsible Officer of the Preferred Securities Guarantee
Trustee, the Preferred Securities Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Preferred


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Securities Guarantee, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of his or her own affairs.

                  (d)      No provision of this Preferred Securities Guarantee
shall be construed to relieve the Preferred Securities Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act, its
own bad faith, or its own willful misconduct, except that:

                  (i)      prior to the occurrence of any Event of Default and
         after the curing or waiving of all such Events of Default that may
         have occurred:

                           (A)      the duties and obligations of the Preferred
                  Securities Guarantee Trustee shall be determined solely by
                  the express provisions of this Preferred Securities
                  Guarantee, and the Preferred Securities Guarantee Trustee
                  shall not be liable except for the performance of such duties
                  and obligations as are specifically set forth in this
                  Preferred Securities Guarantee, and no implied covenants or
                  obligations shall be read into this Preferred Securities
                  Guarantee against the Preferred Securities Guarantee Trustee;
                  and

                           (B)      in the absence of bad faith on the part of
                  the Preferred Securities Guarantee Trustee, the Preferred
                  Securities Guarantee Trustee may conclusively rely, as to the
                  truth of the statements and the correctness of the opinions
                  expressed therein, upon any certificates or opinions
                  furnished to the Preferred Securities Guarantee Trustee and
                  conforming to the requirements of this Preferred Securities
                  Guarantee; but in the case of any such certificates or
                  opinions that by any provision hereof are specifically
                  required to be furnished to the Preferred Securities
                  Guarantee Trustee, the Preferred Securities Guarantee Trustee
                  shall be under a duty to examine the same to determine
                  whether or not they conform to the requirements of this
                  Preferred Securities Guarantee (but shall not be required to
                  confirm or investigate the accuracy of mathematical
                  calculations or other facts stated therein);

                  (ii)     the Preferred Securities Guarantee Trustee shall not
         be liable for any error of judgment made in good faith by a
         Responsible Officer of the Preferred Securities Guarantee Trustee,
         unless it shall be proved that the Preferred Securities Guarantee
         Trustee was negligent in ascertaining the pertinent facts upon which
         such judgment was made;

                  (iii)    the Preferred Securities Guarantee Trustee shall not
         be liable with respect to any action taken or omitted to be taken by
         it in good faith in accordance with the direction of the Holders of a
         Majority in Liquidation Amount of the Preferred Securities relating to
         the time, method and place of conducting any proceeding for any remedy
         available to the Preferred Securities Guarantee Trustee, or exercising
         any trust or power conferred upon the Preferred Securities Guarantee
         Trustee under this Preferred Securities Guarantee; and


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<PAGE>   12

                  (iv)     no provision of this Preferred Securities Guarantee
         shall require the Preferred Securities Guarantee Trustee to expend or
         risk its own funds or otherwise incur personal financial liability in
         the performance of any of its duties or in the exercise of any of its
         rights or powers, if the Preferred Securities Guarantee Trustee shall
         have reasonable grounds for believing that the repayment of such funds
         or liability is not reasonably assured to it under the terms of this
         Preferred Securities Guarantee or if indemnity reasonably satisfactory
         to the Preferred Securities Guarantee Trustee against such risk or
         liability is not reasonably assured to it.

SECTION 3.2       Certain Rights of Preferred Securities Guarantee Trustee

                  (a)      Subject to the provisions of Section 3.1:

                  (i)      the Preferred Securities Guarantee Trustee may
         conclusively rely, and shall be fully protected in acting or
         refraining from acting, upon any resolution, certificate, statement,
         instrument, opinion, report, notice, request, direction, consent,
         order, bond, debenture, note, other evidence of indebtedness or other
         paper or document believed by it to be genuine and to have been
         signed, sent or presented by the proper party or parties;

                  (ii)     any direction or act of the Guarantor contemplated
         by this Preferred h Securities Guarantee may be sufficiently evidenced
         by an Officer's Certificate;

                  (iii)    whenever, in the administration of this Preferred
         Securities Guarantee, the Preferred Securities Guarantee Trustee shall
         deem it desirable that a matter be proved or established before
         taking, suffering or omitting any action hereunder, the Preferred
         Securities Guarantee Trustee (unless other evidence is herein
         specifically prescribed) may, in the absence of negligence or bad
         faith on its part, request and conclusively rely upon an Officer's
         Certificate which, upon receipt of such request, shall be promptly
         delivered by the Guarantor;

                  (iv)     the Preferred Securities Guarantee Trustee shall
         have no duty to see to any recording, filing or registration of any
         instrument (including any financing or any continuation statement or
         any filing under tax or securities laws) or any re-recording, refiling
         or registration thereof;

                  (v)      the Preferred Securities Guarantee Trustee may
         consult with counsel of its selection, and the advice or written
         opinion of such counsel with respect to legal matters or advice within
         the scope of such expert's area of expertise shall be full and
         complete authorization and protection in respect of any action taken,
         suffered or omitted by it hereunder in good faith and in accordance
         with such advice or opinion. Such counsel may be counsel to the
         Guarantor or any of its Affiliates and may include any of its
         employees. The Preferred Securities Guarantee Trustee shall have the
         right at any time to seek instructions concerning the administration
         of this Preferred Securities Guarantee from any court of competent
         jurisdiction;

                  (vi)     the Preferred Securities Guarantee Trustee shall be
         under no obligation to exercise any of the rights or powers vested in
         it by this Preferred Securities Guarantee at


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<PAGE>   13

         the request or direction of any Holder, unless such Holder shall have
         provided to the Preferred Securities Guarantee Trustee such security
         and indemnity, reasonably satisfactory to the Preferred Securities
         Guarantee Trustee, against the reasonable costs, expenses (including
         reasonable attorneys' fees and expenses and the reasonable expenses of
         the Preferred Securities Guarantee Trustee's agents, nominees or
         custodians) and liabilities that might be incurred by it in complying
         with such request or direction, including such reasonable advances as
         may be requested by the Preferred Securities Guarantee Trustee;
         provided that, nothing contained in this Section 3.2(a)(vi) shall be
         taken to relieve the Preferred Securities Guarantee Trustee, upon the
         occurrence of an Event of Default, of its obligation to exercise the
         rights and powers vested in it by the terms of this Preferred
         Securities Guarantee;

                  (vii)    the Preferred Securities Guarantee Trustee shall not
         be bound to make any investigation into the facts or matters stated in
         any resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document, but the
         Preferred Securities Guarantee Trustee, in its discretion, may make
         such further inquiry or investigation into such facts or matters as it
         may see fit;

                  (viii)   the Preferred Securities Guarantee Trustee may
         execute any of the trusts or powers hereunder or perform any duties
         hereunder either directly or by or through agents, nominees,
         custodians or attorneys, and the Preferred Securities Guarantee
         Trustee shall not be responsible for any misconduct or negligence on
         the part of any agent or attorney appointed with due care by it
         hereunder;

                  (ix)     any action taken by the Preferred Securities
         Guarantee Trustee or its agents hereunder shall bind the Holders of
         the Preferred Securities, and the signature of the Preferred
         Securities Guarantee Trustee or its agents alone shall be sufficient
         and effective to perform any such action. No third party shall be
         required to inquire as to the authority of the Preferred Securities
         Guarantee Trustee to so act or as to its compliance with any of the
         terms and provisions of this Preferred Securities Guarantee, both of
         which shall be conclusively evidenced by the Preferred Securities
         Guarantee Trustee's or its agent's taking such action;

                  (x)      whenever in the administration of this Preferred
         Securities Guarantee the Preferred Securities Guarantee Trustee shall
         deem it desirable to receive instructions with respect to enforcing
         any remedy or right or taking any other action hereunder, the
         Preferred Securities Guarantee Trustee (A) may request instructions
         from the Holders of a Majority in Liquidation Amount of the Preferred
         Securities, (B) may refrain from enforcing such remedy or right or
         taking such other action until such instructions are received, and (C)
         shall be protected in conclusively relying on or acting in accordance
         with such instructions;

                  (xi)     except as otherwise expressly provided by this
         Preferred Securities Guarantee, the Preferred Securities Guarantee
         Trustee shall not be under any obligation to take any action that is
         discretionary under the provisions of this Preferred Securities
         Agreement; and


                                      10
<PAGE>   14

                  (xii)    the Preferred Securities Guarantee Trustee shall not
         be liable for any action taken, suffered, or omitted to be taken by it
         in good faith, without negligence, and reasonably believed by it to be
         authorized or within the discretion or rights or powers conferred upon
         it by this Preferred Securities Guarantee.

                  (b)      No provision of this Preferred Securities Guarantee
shall be deemed to impose any duty or obligation on the Preferred Securities
Guarantee Trustee to perform any act or acts or exercise any right, power, duty
or obligation conferred or imposed on it in any jurisdiction in which it shall
be illegal, or in which the Preferred Securities Guarantee Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Preferred Securities Guarantee
Trustee shall be construed to be a duty.

SECTION 3.3       Not Responsible for Recitals or Issuance of Preferred
                  Securities Guarantee

                  The recitals contained in this Preferred Securities Guarantee
shall be taken as the statements of the Guarantor, and the Preferred Securities
Guarantee Trustee does not assume any responsibility for their correctness. The
Preferred Securities Guarantee Trustee makes no representation as to the
validity or sufficiency of this Preferred Securities Guarantee.


                                  ARTICLE IV
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1       Preferred Securities Guarantee Trustee; Eligibility

                  (a)      There shall at all times be a Preferred Securities
Guarantee Trustee which shall:

                  (i)      not be an Affiliate of the Guarantor; and

                  (ii)     be a corporation organized and doing business under
         the laws of the United States of America or any State or Territory
         thereof or of the District of Columbia, or a corporation or Person
         permitted by the Securities and Exchange Commission to act as an
         institutional trustee under the Trust Indenture Act, authorized under
         such laws to exercise corporate trust powers, having a combined
         capital and surplus of at least 50 million U.S. dollars ($50,000,000),
         and subject to supervision or examination by Federal, State,
         Territorial or District of Columbia authority. If such corporation
         publishes reports of condition at least annually, pursuant to law or
         to the requirements of the supervising or examining authority referred
         to above, then, for the purposes of this Section 4.1(a)(ii), the
         combined capital and surplus of such corporation shall be deemed to be
         its combined capital and surplus as set forth in its most recent
         report of condition so published.

                  (b)      If at any time the Preferred Securities Guarantee
Trustee shall cease to be eligible to so act under Section 4.1(a), the
Preferred Securities Guarantee Trustee shall immediately resign in the manner
and with the effect set out in Section 310(b) of the Trust Indenture Act.


                                      11
<PAGE>   15

                  (c)      If the Preferred Securities Guarantee Trustee has or
shall acquire any "conflicting interest" within the meaning of Section 310(b)
of the Trust Indenture Act, the Preferred Securities Guarantee Trustee and
Guarantor shall in all respects comply with the provisions of Section 310(b) of
the Trust Indenture Act.

SECTION 4.2       Appointment, Removal and Resignation of Preferred Securities
                  Guarantee Trustee

                  (a)      Subject to Section 4.2(b), the Preferred Securities
Guarantee Trustee may be appointed or removed without cause at any time by the
Guarantor except during the occurrence and continuance of an Event of Default.

                  (b)      The Preferred Securities Guarantee Trustee shall not
be removed in accordance with Section 4.2(a) until a Successor Preferred
Securities Guarantee Trustee has been appointed and has accepted such
appointment by written instrument executed by such Successor Preferred
Securities Guarantee Trustee and delivered to the Guarantor.

                  (c)      The Preferred Securities Guarantee Trustee shall
hold office until a Successor Preferred Securities Guarantee Trustee shall have
been appointed or until its removal or resignation. The Preferred Securities
Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Preferred Securities
Guarantee Trustee and delivered to the Guarantor, which resignation shall not
take effect until a Successor Preferred Securities Guarantee Trustee has been
appointed and has accepted such appointment by instrument in writing executed
by such Successor Preferred Securities Guarantee Trustee and delivered to the
Guarantor and the resigning Preferred Securities Guarantee Trustee.

                  (d)      If no Successor Preferred Securities Guarantee
Trustee shall have been appointed and accepted appointment as provided in this
Section 4.2 within 60 days after delivery of an instrument of removal or
resignation, the Preferred Securities Guarantee Trustee resigning or being
removed may petition any court of competent jurisdiction for appointment of a
Successor Preferred Securities Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a
Successor Preferred Securities Guarantee Trustee.

                  (e)      No Preferred Securities Guarantee Trustee shall be
liable for the acts or omissions to act of any Successor Preferred Securities
Guarantee Trustee.

                  (f)      Upon termination of this Preferred Securities
Guarantee or removal or resignation of the Preferred Securities Guarantee
Trustee pursuant to this Section 4.2, the Guarantor shall pay to the Preferred
Securities Guarantee Trustee all amounts due to the Preferred Securities
Guarantee Trustee accrued to the date of such termination, removal or
resignation.


                                      12
<PAGE>   16

                                   ARTICLE V
                                   GUARANTEE

SECTION 5.1       Guarantee

                  The Guarantor irrevocably and unconditionally agrees to pay
in full, on a subordinated basis, to the Holders the Guarantee Payments
(without duplication of amounts theretofore paid by the Issuer), as and when
due, regardless of any defense, right of set-off or counterclaim that the
Issuer may have or assert. The Guarantor's obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the
Guarantor to the Holders or by causing the Issuer to pay such amounts to the
Holders. The Guarantor will honor all obligations, if any, relating to the
conversion of the Preferred Securities into securities of the Guarantor as set
forth in the Agreement and the Indenture.

SECTION 5.2       Waiver of Notice and Demand

                  The Guarantor hereby waives notice of acceptance of this
Preferred Securities Guarantee and of any liability to which it applies or may
apply, presentment, demand for payment, any right to require a proceeding first
against the Issuer or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

SECTION 5.3       Obligations Not Affected

                  The obligations, covenants, agreements and duties of the
Guarantor under this Preferred Securities Guarantee shall in no way be affected
or impaired by reason of the happening from time to time of any of the
following:

                  (a)      the release or waiver, by operation of law or
otherwise, of the performance or observance by the Issuer of any express or
implied agreement, covenant, term or condition relating to the Preferred
Securities to be performed or observed by the Issuer;

                  (b)      the extension of time for the payment by the Issuer
of all or any portion of the distributions, redemption price, liquidation
distribution or any other sums payable under the terms of the Preferred
Securities or the extension of time for the performance of any other obligation
under, arising out of, or in connection with, the Preferred Securities (other
than an extension of time for payment of Distributions, Redemption Price,
Liquidation Distribution or other sum payable that results from the extension
of any interest payment period on the Debentures permitted by the Indenture);

                  (c)      any failure, omission, delay or lack of diligence on
the part of the Holders to enforce, assert or exercise any right, privilege,
power or remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

                  (d)      the voluntary or involuntary liquidation,
dissolution, sale of any collateral, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization,


                                      13
<PAGE>   17

arrangement, composition or readjustment of debt of, or other similar
proceedings affecting, the Issuer or any of the assets of the Issuer;

                  (e)      any invalidity of, or defect or deficiency in, the
Preferred Securities;

                  (f)      the settlement or compromise of any obligation
guaranteed hereby or hereby incurred; or

                  (g)      any other circumstance whatsoever that might
otherwise constitute a legal or equitable discharge or defense of a guarantor;

it being the intent of this Section 5.3 that the obligations of the Guarantor
with respect to the Guarantee Payments shall be absolute and unconditional
under any and all circumstances.

                  There shall be no obligation of the Holders to give notice
to, or obtain consent of, the Guarantor with respect to the happening of any of
the foregoing.

SECTION 5.4       Rights of Holders

                  (a)      The Holders of a Majority in Liquidation Amount of
the Preferred Securities have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Preferred Securities
Guarantee Trustee in respect of this Preferred Securities Guarantee or
exercising any trust or power conferred upon the Preferred Securities Guarantee
Trustee under this Preferred Securities Guarantee.

                  (b)      If the Preferred Securities Guarantee Trustee fails
to enforce this Preferred Securities Guarantee, any Holder of Preferred
Securities may institute a legal proceeding directly against the Guarantor to
enforce the rights of such Holder under this Preferred Securities Guarantee,
without first instituting a legal proceeding against the Issuer, the Preferred
Securities Guarantee Trustee or any other person or entity. The Guarantor
waives any right or remedy to require that any action be brought first against
the Issuer or any other person or entity before proceeding directly against the
Guarantor.

                  Notwithstanding the foregoing, if the Guarantor has failed to
make a required Guarantee Payment, a Holder of Preferred Securities may
directly institute a proceeding against the Guarantor for enforcement of this
Preferred Securities Guarantee for such Guarantee Payment.

SECTION 5.5       Guarantee of Payment

                  This Preferred Securities Guarantee creates a guarantee of
payment and not of collection.

SECTION 5.6       Subrogation

                  The Guarantor shall be subrogated to all (if any) rights of
the Holders of Preferred Securities against the Issuer in respect of any
amounts paid to such Holders by the Guarantor under this Preferred Securities
Guarantee; provided, however, that the Guarantor shall not


                                      14
<PAGE>   18

(except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any right that it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of
payment under this Preferred Securities Guarantee, if, at the time of any such
payment, any amounts are due and unpaid under this Preferred Securities
Guarantee. If any amount shall be paid to the Guarantor in violation of the
preceding sentence, the Guarantor agrees to hold such amount in trust for the
Holders and to pay over such amount to the Holders.

SECTION 5.7       Independent Obligations

                  The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Preferred
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3 hereof.


                                   ARTICLE VI
                   LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION 6.1       Limitation of Transactions

                  So long as any Preferred Securities remain outstanding, the
Guarantor shall not (i) declare or pay any dividends or distributions on, or
redeem, purchase, acquire, or make a liquidation payment with respect to, any
of the Guarantor's capital stock (which includes common and preferred stock) or
(ii) make any payment of principal, interest or premium, if any, on or repay or
repurchase or redeem any debt securities of the Guarantor (including any Other
Debentures) that rank pari passu with or junior in right of payment to the
Debentures or (iii) make any guarantee payments with respect to any guarantee
by the Guarantor of the debt securities of any subsidiary of the Guarantor
(including Other Guarantees) if such guarantee ranks pari passu or junior in
right of payment to the Debentures (other than (a) dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase
shares of, common stock of the Guarantor, (b) any declaration of a dividend in
connection with the implementation of a stockholders' rights plan, or the
issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the
Preferred Securities Guarantee, (d) as a result of a reclassification of the
Guarantor's capital stock or the exchange or the conversion of one class or
series of the Guarantor's capital stock for another class or series of the
Guarantor's capital stock, including without limitation, the conversion of the
Class B common stock into shares of the Class A common stock of the Guarantor,
(e) the purchase of fractional interests in shares of the Guarantor's capital
stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged, and (f) purchases of common stock
related to the issuance of common stock or rights under any of the Guarantor's
benefit plans for its directors, officers or employees or any of the
Guarantor's dividend reinvestment plans) if at such time (i) there shall have
occurred any event of which the Guarantor has actual knowledge that is, or with
the giving of notice or the lapse of time, or both, would be an Event of
Default, (ii) the Guarantor shall be in default with respect to its payment
obligations under this Preferred Securities Guarantee or (iii) the Guarantor
shall have given notice of its election of the exercise of its right to extend
the


                                      15
<PAGE>   19

interest payment period pursuant to Section 4.01(b) of the Indenture and shall
not have rescinded such notice, and any such extension shall have commenced and
be continuing.

SECTION 6.2       Ranking

                  This Preferred Securities Guarantee will constitute an
unsecured obligation of the Guarantor and will rank (i) subordinate and junior
in right of payment to all other liabilities of the Guarantor except any
liabilities (including the Other Guarantees, the Common Securities Guarantee
and the Other Common Securities Guarantees) that may be pari passu or junior
expressly by their terms, and (ii) senior to the Guarantor's capital stock now
or hereafter issued by the Guarantor, if any, and with any guarantee now or
hereafter entered into by the Guarantor in respect of any of the Guarantor's
capital stock. The foregoing subordination shall not apply to amounts payable
under Article VIII.


                                  ARTICLE VII
                                  TERMINATION

SECTION 7.1       Termination

                  This Preferred Securities Guarantee shall terminate and be of
no further force and effect upon (i) full payment of the Redemption Price of
all Preferred Securities, or (ii) liquidation of the Issuer, the full payment
of the amounts payable in accordance with the Agreement or the distribution of
the Debentures to the Holders of all of the Preferred Securities.
Notwithstanding the foregoing, this Preferred Securities Guarantee will
continue to be effective or will be reinstated, as the case may be, if at any
time any Holder of Preferred Securities must restore payment of any sums paid
under the Preferred Securities or under this Preferred Securities Guarantee.


                                 ARTICLE VIII
                 EXCULPATION, INDEMNIFICATION AND COMPENSATION

SECTION 8.1       Exculpation

                  (a)      No Indemnified Person shall be liable, responsible
or accountable in damages or otherwise to the Guarantor or any Covered Person
for any loss, damage, liability, expense or claim incurred by reason of any act
or omission performed or omitted by such Indemnified Person in good faith in
accordance with this Preferred Securities Guarantee and in a manner that such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Preferred Securities Guarantee or
by law, except that this provision shall not be deemed to modify Section
3.1(d).

                  (b)      An Indemnified Person shall be fully protected in
relying in good faith upon the records of the Guarantor and upon such
information, opinions, reports or statements presented to the Guarantor by any
Person as to matters the Indemnified Person reasonably believes are within such
other Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any


                                      16
<PAGE>   20

other facts pertinent to the existence and amount of assets from which
Distributions to Holders of Preferred Securities might properly be paid.

SECTION 8.2       Indemnification

                  The Guarantor agrees to indemnify each Indemnified Person
for, and to hold each Indemnified Person harmless against, any and all loss,
liability, damage, claim or expense incurred without negligence, willful
misconduct or bad faith on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
reasonable costs and expenses (including reasonable legal fees and expenses) of
defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Preferred Securities Guarantee or the
resignation or removal of the Preferred Securities Guarantee Trustee.

SECTION 8.3       Compensation

                  The Guarantor agrees:

                  (a)      to pay to the Preferred Securities Guarantee Trustee
from time to time such compensation as shall be agreed in writing between the
Company and the Preferred Securities Guarantee Trustee for all services
rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust); and

                  (b)      to reimburse the Preferred Securities Guarantee
Trustee upon its request for reasonable expenses, disbursements and advances
incurred or made by the Preferred Securities Guarantee Trustee in accordance
with any provision of this Preferred Securities Guarantee (including the
reasonable compensation and the expenses and advances of its agents and
counsel), except any such expense or advance as may be attributable to its
negligence, willful misconduct or bad faith.

                  The Preferred Securities Guarantee Trustee shall have a claim
and lien prior to the Preferred Securities holders as to all property and funds
held by it hereunder for any amount owing to it or any predecessor Preferred
Securities Guarantee Trustee for fees and expenses pursuant to this Article.


                                   ARTICLE IX
                                 MISCELLANEOUS

SECTION 9.1       Successors and Assigns

                  All guarantees and agreements contained in this Preferred
Securities Guarantee shall bind the successors, assigns, receivers, trustees
and representatives of the Guarantor and shall inure to the benefit of the
Holders of the Preferred Securities then outstanding.

                  Except in connection with any merger or consolidation of the
Guarantor with or into another entity permitted by the Indenture or any sale,
transfer or lease of the Guarantor's


                                      17
<PAGE>   21

assets to another entity permitted by the Indenture, the Guarantor may not
assign its rights or delegate its obligations under this Preferred Securities
Guarantee.

SECTION 9.2       Amendments

                  Except with respect to any changes that do not materially
adversely affect the rights of Holders (in which case no approval of Holders
will be required), this Preferred Securities Guarantee may only be amended with
the prior approval of the Holders of a Majority in Liquidation Amount of the
outstanding Preferred Securities (including the amount payable on redemption,
liquidation or otherwise, plus accumulated and unpaid Distributions to the date
upon which the voting percentages are determined). The provisions of Section
12.2 of the Agreement with respect to meetings of Holders of the Securities
apply to the giving of such approval.

SECTION 9.3       Notices

                  All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by first class mail, as follows:

                  (a)      If given to the Issuer, in care of the
Administrative Trustee at the Issuer's mailing address set forth below (or such
other address as the Issuer may give notice of to the Holders of the Common
Securities):

                           Cox Radio Trust [  ]
                           c/o Cox Radio, Inc.
                           1400 Lake Hearn Drive
                           Atlanta, Georgia 30319
                           Attention:
                                     -----------------------
                                     Administrative Trustee
                           Telecopy:
                                     -----------------------

                  (b)      If given to the Preferred Securities Guarantee
Trustee, at the Preferred Securities Guarantee Trustee's mailing address set
forth below (or such other address as the Preferred Securities Guarantee
Trustee may give notice of to the Holders of the Preferred Securities):

                      The Bank of New York
                      101 Barclay Street, Floor 21 West
                      New York, New York 10286
                      Attention:  Corporate Trust Administration
                      Telephone:  (212) 815-5758
                      Telecopier: (212) 815-5915

                  (c)      If given to the Guarantor, at the Guarantor's
mailing address set forth below (or such other address as the Guarantor may
give notice of to the Holders of the Preferred Securities):


                                      18
<PAGE>   22

                      Cox Radio, Inc.
                      1400 Lake Hearn Drive
                      Atlanta, Georgia 30319
                      Attention: Richard Jacobson
                      Telecopy:  (404) 843-5142

                  (d)      If given to any Holder of Preferred Securities, at
the address set forth on the books and records of the Issuer.

                  All such notices shall be deemed to have been given when
received in person, telecopied with receipt confirmed (with originals to follow
by first-class mail), or mailed by first class mail, postage prepaid except
that if a notice or other document is refused delivery or cannot be delivered
because of a changed address of which no notice was given, such notice or other
document shall be deemed to have been delivered on the date of such refusal or
inability to deliver.

SECTION 9.4       Benefit

                  This Preferred Securities Guarantee is solely for the benefit
of the Holders of the Preferred Securities and, subject to Section 3.1(a), is
not separately transferable from the Preferred Securities.

SECTION 9.5       Governing Law

                  THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAWS.

SECTION 9.6       Counterparts

                  The parties may sign any number of copies of this Preferred
Securities Guarantee. Each signed copy shall be an original, but all of them
together represent the same agreement. Any signed copy shall be sufficient
proof of this Preferred Securities Guarantee.


                                      19
<PAGE>   23

                  THIS PREFERRED SECURITIES GUARANTEE is executed as of the day
and year first above written.

                                Cox RADIO, Inc.,
                                as Guarantor



                                By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                                THE BANK OF NEW YORK, as Preferred
                                Securities Guarantee Trustee



                                By:
                                   --------------------------------------------
                                   Name:
                                   Title: