(a) A franchise or cable system shall be sold, assigned or transferred only in accordance with this section.
(1) In the event of a change of control of the grantee ("change of control" shall include a change in ownership of a majority interest in the grantee), the parties to the sale or transfer shall make a written request to the City for its approval of the sale or transfer (a "transfer requiring approval"). The written request shall be accompanied by information required by FCC rules and shall be presented on a form as prescribed by FCC rules.
(2) In accordance with the Federal Cable Act, the City shall have 120 days from receipt of the information referred to in paragraph (a)(1) hereof to act upon the request for approval. If the City fails to render a final decision on the request within that time, the request shall be deemed granted unless the grantee and the City agree to an extension of the time.
(3) During the review period described in paragraph (a)(2) hereof, the City may advise the grantee that a public hearing is deemed necessary to evaluate any potential adverse effects of the sale or transfer upon the grantee's subscribers. In such event, the grantee shall have written notice of the hearing, and of the opportunity to participate fully in it, as far in advance as possible but in no event less than fourteen days before the start of the hearing.
(4) A decision of the City upon a request pursuant to this section shall be in writing and subject to review and appeal as provided in the Federal Cable Act.
(b) In reviewing a request for sale or transfer, the City may inquire into the technical, legal and financial qualifications of the prospective controlling party, and the grantee shall assist the City in so inquiring. The City shall not unreasonably withhold its approval. In no event shall a transfer or assignment of ownership or control be approved without the transferee becoming a signatory to the franchise.
(c) Notwithstanding anything to the contrary, no consent or approval by the City shall be required for a transfer or assignment to any person or other entity controlling, controlled by, or under the same common control as, the grantee, or for any sale, transfer or assignment other than a transfer requiring approval.
(d) Any unauthorized transfer shall be deemed a material breach of the franchise.
(Ord. 581. Passed 12-13-95.)