A franchise issued under this article shall not be transferred, sold, assigned, relinquished or delegated to another person without the approval of the city council. This restriction includes the transfer of ownership of the franchise or a majority of the ownership or control of the franchisee, or the conveyance of a majority of the franchisee's stock to a new controlling interest. (Ord. 93-O-2186, eff. 3-15-1994)