HomeMy WebLinkAboutResolution No. 1992-05RESOLUTION 92 -5
A RESOLUTION OF THE CITY OF CAPE
CANAVERAL MAKING CABLEVISION OF
CENTRAL FLORIDA THE HOLDER OF THE
CABLE TELEVISION FRANCHISE FOR THE
CITY OF CAPE CANAVERAL; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, CableVision of Central Florida (the "Franchisee ") is
the holder of a cable television franchise (the "Franchise ") for
the City of Cape Canaveral; and
WHEREAS, the Franchisee is a subsidiary of division of
American Television and Communications Corporation ( "ATC ");
WHEREAS, ATC is a majority owned subsidiary of Time Warner
Inc. ( "Time Warner ") , a widely held New York Stock Exchange company
which intends to create a new limited partnership entity comprised
of the business and assets of its filmed entertainment, programming
and cable divisions, which entity shall be known as Time Warner
Entertainment Company, L.P. ( "TWE "); and
WHEREAS, Time Warner will retain majority ownership as well as
operating and management control of TWE and will operate TWE as a
controlled subsidiary of Time Warner employing the assets of ATC
including the Franchise and the Franchisee, and the assets of
Warner Cable, Lorimar Telepictures, HBO, and Warner Bros.; and
WHEREAS, Time Warner intends to offer minority limited
partnership interests in TWE to strategic partners of TWE,
including Toshiba Corporation and C. Itoh & Co. Ltd.; and
WHEREAS, ATC will continue to exist as an operating division
of TWE, with the existing management structure remaining at both
the local and corporate levels and no change is anticipated in the
manner in which the business and operations of the Franchisee are
conducted; and
WHEREAS, the Franchisee will continue to be the grantee of the
Franchise as an operating division of TWE and will continue to
operate under Franchise;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Cape Canaveral, Brevard County, Florida, as follows:
Resolution 92 -5
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1. Insofar as may be necessary or advisable under the
Franchise, transfer of the Franchise and the cable television
system operating pursuant to the Franchise from the Franchisee to
TWE (including any necessary transfers through one or more
subsidiaries of Time Warner) , is hereby authorized and consented to
in all respects.
2. This resolution shall take effect and be in force from
and after the earlier of the date of the final passage hereof or
the earliest time permitted by law.
ADOPTED by the City Council of the City of Cape Canaveral,
Florida, this 18th day of February 1992.
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Resolution 92 -5
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