Resolution denying the assignment and ultimate transfer of control of Cable Television Franchise by Comcast Corporation to C Native Exchange I LLC a Wholly Owned Subsidiary of Time Warner Cable Inc. CITY OF CULVER CITY LOS ANGELES COUNTY CALIFORNIA RESOLUTION NO. _______ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CULVER CITY DENYING WITHOUT PREJUDICE THE ASSIGNMENT AND ULTIMATE TRANSFER OF CONTROL OF A CABLE TELEVISION FRANCHISE BY COMCAST CORPORATION TO C NATIVE EXCHANGE I LLC A WHOLLY OWNED SUBSIDIARY OF TIME WARNER NY CABLE LLC RECITALS: A. Comcast of Los Angeles Inc. ( Franchisee ) is the authorized holder of a franchise ( Franchise ) that authorizes the construction operation and maintenance of a cable television system within the City of Culver City ( Franchise Authority ). B. On April 20 2005 Time Warner NY Cable LLC ( TWNY ) an indirect subsidiary of Time Warner Cable Inc. and Comcast Corporation ( Comcast ) the ultimate parent company of Franchisee each entered into separate definitive agreements to acquire collectively substantially all of the assets of Adelphia Communications Corporation ( Adelphia ) for a total of $12.7 billion in cash (of which TWNY will pay $9.2 billion and Comcast will pay the remaining $3.5 billion) and 16% of the common stock of Time Warner Cable Inc. At the same time that Comcast and TWNY entered into the agreements to purchase Adelphia s assets Time Warner Cable Inc. Comcast and their respective subsidiaries also agreed to swap certain cable systems to enhance their respective geographic clusters of subscribers ( Cable Swaps ). The cable system now owned and operated by Franchisee in the City of Culver City is one of many cable systems in Southern California involved in the Cable Swaps. C. On June 14 2005 the Franchise Authority received from Comcast of Georgia Inc. ( Transferor ) an intermediate subsidiary wholly owned by Comcast Corporation and from Time Warner Cable Inc. ( Transferee ) an application for the assignment and...
Click here for full text