HomeMy WebLinkAbout82-51 - Teleprompter Corporation ReorganizationRESOLUTION NO. 82-51
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH CONSENTING TO THE REORGANIZA-
TION OF TELEPROMPTER CORPORATION PURSUANT TO
SECTION 5.44.060 (g) OF THE NEWPORT BEACH
MUNICIPAL CODE
• WHEREAS, Teleprompter Corporation, now a part of
Westinghouse Broadcasting Corporation, plans to reorganize; and
WHEREAS, Section 5.44.060 (g) of the Newport Beach
Municipal Code provides that a cable television franchisee cannot
be sold, transferred or otherwise disposed of, in whole or in
part, by sale, merger, consolidation or otherwise, without the
prior consent of the City Council, expressed by resolution; and
WHEREAS, Teleprompter Corporation has requested the
City Council of the City of Newport Beach to consent to the
reorganization, as set forth in the attached correspondence dated
March 12, 1982, attached hereto and marked Exhibit "A" and
incorporated herein as though fully set forth at length; and
WHEREAS, the City Council finds and determines that the
reorganization into Group Westinghouse Cable, Inc., a parent
company, is in the best interests of the City of Newport Beach.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach, that pursuant to Section 5.44.060 (g)
of the Newport Beach Municipal Code., the City Council hereby
consents to subject reorganization.
BE IT FURTHER RESOLVED that the City Clerk is hereby
authorized and directed to send a certified copy of this Resolu-
tion to Teleprompter Corporation, evidencing the City of Newport
Beach's prior consent to the merger.
ATTE T.
City Clerk
ADOPTED this 12th day of _April , 1982.
IN
ul CABLE TV
Teleprompter of Newport Beach
901 West 76th Street
Newport Beacn, CA 92663
(714) 642 -3260
Robert L. Wynn
ky Manager
y Hall
0 Newport B1.
Newport Beach, Calif. 92663
Dear Mr. Wynn:
March 12, 1982
As you are no doubt aware, on August 18, 1981, Westinghouse Broad-
casting Company, Inc., a subsidiary of Westinghouse Electric Corporation,
acquired control of Teleprompter Corporation, the cable television opera-
tor in Newport Beach, California.
Teleprompter is one of the nation's largest cable television operators,
and its systems throughout the country are held both by it and a multitude
of subsidiary companies. In order to simplify matters, and to obtain ad-
ministrative benefits through operating efficiencies, internal corporate
transactions are being undertaken whereby the wholly -owned subsidiaries
of Teleprompter will be reorganized into Teleprompter, and Teleprompter
will then be reorganized into Group W Cable, Inc., its parent corporation.
This is to respectfully request your approval of the reorganization
of Teleprompter into its parent company. There will be no change in man-
agement, control or final ownership as a result of these internal corpor-
ate transactions. I have taken the liberty of enclosing a draft resolu-
tion which may be of some help to you in considering this application. The
ordinance would grant approval of the present reorganization, as well as
future internal corporate transactions involving the franchisee and a
parent company or a subsidiary.
Your early attention to this matter will be appreciated. If you have
any questions, please let us hear from you.,
Very truly yours,
Beverl Peterson
Acting General Manager
EXHIBIT "A"