EXHIBIT 99.1

CONTACT:                   Dan T. Do
                           Director of Investor Relations
                           (626) 844-1700


            FALCON HOLDING GROUP, L.P. AND FALCON FUNDING CORPORATION
                            CONSUMMATE EXCHANGE OFFER

         Los Angeles,  CA - September 14, 1998 - Falcon Holding Group,  L.P. and
Falcon Funding  Corporation  (the  "Issuers")  today announced that the Issuers'
registered  exchange  offer of (i)  $375,000,000  aggregate  original  principal
amount of the Issuers'  8.375%  Series B Senior  Debentures  due 2010 (CUSIP No.
30606P  AC3) (the  "Exchange  Senior  Debentures")  for  $375,000,000  aggregate
original  principal amount of the Issuers' 8.375% Series A Senior Debentures due
2010  (CUSIP  Nos.  30606P  AA7,  30606P  AB5 and U30589  AA0) (the "Old  Senior
Debentures"),  and (ii)  $435,250,000  aggregate  original  principal  amount at
maturity of the Issuers'  9.285% Series B Senior  Discount  Debentures  due 2010
(CUSIP  No.  30606P  AF6)  (the "  Exchange  Senior  Discount  Debentures")  for
$435,250,000  aggregate  original  principal  amount at maturity of the Issuers'
9.285% Series A Senior  Discount  Debentures due 2010 (CUSIP Nos. 30606P AD1 and
U30589 AB8) (the "Old Senior  Discount  Debentures")  expired at 5:00 p.m.,  New
York City time, on Thursday, September 10, 1998 in accordance with its terms.

         The Issuers  have  accepted  the tender of all  $375,000,000  aggregate
original  principal  amount of the Old Senior  Debentures  and all  $435,250,000
aggregate  original  principal  amount at  maturity  of the Old Senior  Discount
Debentures  which were tendered.  In addition,  the Issuers have  instructed the
trustee,  United  States Trust  Company of New York,  with respect to the 8.375%
Series B Senior  Debentures  due 2010 and the  9.285%  Series B Senior  Discount
Debentures  due 2010,  to prepare and  authenticate  $375,000,000  in  aggregate
principal amount of the Exchange Senior Debentures and $435,250,000 in aggregate
principal amount at maturity of the Exchange Senior Discount Debentures.

         Falcon Holding Group, L.P. (the "Partnership")  owned and managed cable
television  systems in 26 states.  The Partnership owns cable television systems
(the "Owned Systems") in 23 states, principally in California, Oregon, Missouri,
Georgia,  Texas,  North  Carolina  and Alabama.  As of June 30, 1998,  the Owned
Systems passed approximately  1,020,000 homes and served  approximately  636,000
basic  subscribers and 164,000 premium service units. The Partnership also holds
varying equity interests in and manages certain other cable  television  systems
(the  "Affiliated  Systems") in 14 states,  including South Carolina,  Kentucky,
Illinois,  Washington and Tennessee. As of June 30, 1998, the Affiliated Systems
passed  approximately  257,000  homes and  served  approximately  171,000  basic
subscribers and 49,000 premium service units.