Sec. 2. Sales of cable systems
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Section 627 of the Communications Act of 1934 ( 47 U.S.C. 547 ) is amended to read as follows: If a renewal of a franchise held by a cable operator is denied and the franchising authority acquires ownership of the cable system or effects a transfer of ownership of the system to another person, any such acquisition or transfer shall be at fair market value, determined on the basis of the cable system valued as a going concern but with no value allocated to the franchise itself.
If a franchise held by a cable operator is revoked for cause and the franchising authority acquires ownership of the cable system or effects a transfer of ownership of the system to another person, any such acquisition or transfer shall be at fair market value, determined on the basis of the cable system valued as a going concern but with no value allocated to the franchise itself. A franchising authority may not— preclude a cable operator from transferring a franchise to any person to which such franchise was not initially granted; or require a cable operator to which a franchise was initially granted to receive approval from the franchising authority for the transfer of such franchise to a person who accepts all of the terms of the franchise in effect for the cable operator at the time of the transfer.
In the case of the transfer of a franchise to a person to which such franchise was not originally granted, a franchising authority may require a cable operator to which a franchise was initially granted to, not later than 15 days after a transfer of a franchise, notify the franchising authority in writing of such transfer. In this subsection, the term transfer of a franchise means the transfer or assignment of any rights under a franchise through any transaction, including through— a merger involving the cable operator or cable system; a sale of the cable operator or cable system; an assignment of the cable operator or a cable system; a restructuring of a cable operator or a cable system; or the transfer of control of a cable operator or a cable system. .
This section, and the amendment made by subsection (a), shall take effect 6 months after the date of the enactment of this Act. This section, and the amendment made by subsection (a), shall apply to a franchise granted— on or after the effective date established by subsection (b); or before such date, if— such franchise (including any renewal term thereof) is in effect on such date; or such franchise is expired and the cable operator has continued to perform under the provisions of such franchise as if such franchise were not expired.
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Sec. 2
Sales of cable systems
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