HomeMy WebLinkAboutRES-2008-068 Resolution providing approval for the spin-off of Time Warner Cable Inc 10-08-2008-4kORANGE COUNTY BOARD OF COMMISSIONERS
A RESOLUTION PROVIDING APPROVAL FOR THE
SPIN-OFF OF TIME WARNER CABLE INC.
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WHEREAS, Orange County, North Carolina ("Franchising Authority") has granted a
cable television franchise (the "Franchise") to an entity (the "Franchisee") which is a
subsidiary or affiliate of Time Warner Cable Inc. ("Time Warner Cable"); and
WHEREAS, Time Warner Cable is apublicly-traded corporation, with approximately
84% of its common stock currently held indirectly by Time Warner Inc.; and
WHEREAS, Time Warner Cable and Time Warner Inc. have entered into an
agreement to effect a complete separation of Time Warner Cable from Time Warner Inc. (the
"Spin-Off'); and
WHEREAS, upon closing of the Spin-Off, one hundred percent (100%) of stock of
Time Warner Cable will be publicly traded; and
WHEREAS, Time Warner Cable and Time Warner, Inc. have filed FCC Form 394
providing details regarding the Spin-Off; and
WHEREAS, the Franchisee has provided documentation indicating construction of
over 35 miles of cable lines to serve a total of 1304 homes and lots in unincorporated Orange
County since the franchise ordinance was authorized by the Board of County Commissioners
in 2005, and
WHEREAS, the Franchisee has agreed to an administrative process that will provide
the Franchising Authority with mapping information sufficient to allow the Franchise Authority
to verify and monitor performance under the service extension requirements as defined by
the franchise ordinance, and
WHEREAS, the Franchising Authority wishes to grant its approval for the Spin-Off as
described above;
NOW, THEREFORE, BE IT RESOLVED BY FRANCHISING AUTHORITY:
Section 1
Section 2
Section 3
PASS PTED AND
By:
Barry Jacob~ai
Orange Co Bo.
ATTEST:
County Clerk
The Franchising Authority hereby approves the Spin-Off.
Upon the closing of the Spin-Off, the Franchise shall remain
bound by the obligations under the Franchise.
This Resolution shall become effective immediately upon
passage by the Franchising Authority.
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