RES-7927 Approving Transfer of Ownership Interests in American Cablevision of OrangeRESOLUTION NO. 7927
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING A TRANSFER OF
OWNBRSHIP INTERESTS IN AMERICAN CABLE-
VISION OF ORANGE, PURSUANT TO THE CITY'S
CABLE TELEVISION FRANCHISE.
WHEREAS, American Cablevision of Orange (the
Franchisee") is the holder of a cable television franchise
for the city of Orange, California~ and
WHEREAS, the Franchisee is a subsidiary or division of
American Television and Communications Corporation ("ATC")~
and
WHEREAS, ATC is a majority owned subsidiary of Time
Warner Inc. ("Time Warner"), to 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 interest in TWE to strategic partners in 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 the Franchise.
NOW, THEREFORE, BE IT RESOLVED that insofar as may be
necessary or advisable under the Franchise, the transfer of
the Franchise and its parent, ATC, to TWE as represented to
the City is hereby authorized and consented to.
ADOPTED this 14th day of January, 1992.
GENE BEYER
Mayor of the City of Orange
ATTEST:
lt4
RED BA RERA, MAYOR PRO TEM
BY'
q,IJ.,e, 'lJtllC/ .
city C~ e city of Orange
I hereby certify that the foregoing Resolution was duly
and regularly adopted by the city council of the City of
Orange at a regular meeting thereof held on the 14th day of
January , 1992 , by the following vote:
AYES:
NOES:
ABSTAIN:
Council members: STEINER, BARRERA, COONTZ, SPURGEON
Council members: NONE
Council members: MAYOR BEYER
le~r,'&' ";~_Jl~
city Cler of ty of Orange
Reso No. 7927 2-dg