File #: 2017-0432    Version: 1
Type: Ordinance Status: Passed
File created: 10/23/2017 In control: Government Accountability and Oversight Committee
On agenda: 12/11/2017 Final action: 12/11/2017
Enactment date: 12/14/2017 Enactment #: 18629
Title: AN ORDINANCE approving the transfer of control of WaveDivision I, LLC, a franchisee under King County cable franchise 5602.
Sponsors: Pete von Reichbauer
Indexes: Franchises
Attachments: 1. Ordinance 18629.pdf, 2. 2017-0432 legislative review form.pdf, 3. 2017-0432 transmittal letter, 4. 2017-0432 Fiscal Note, 5. 2017-0432 Wave Letter, 6. Advertising Notice_WAVE.2017-0432.doc, 7. 2017-0432_SR_WAVE_Change of ownership.docx, 8. hearing notiice = publish seattle Times 12/4-5, 9. 2017-0432 affidavit of publishing - 12/4-5/17 Seattle Times.pdf
Staff: Curry, Clifton
Clerk 10/12/2017
AN ORDINANCE approving the transfer of control of WaveDivision I, LLC, a franchisee under King County cable franchise 5602.
1. WaveDivision I, LLC, a Washington limited liability company d/b/a Wave, owns and operates a cable system in the county rights of way under King County cable franchise 5602.
2. Under the franchise, Wave serves approximately one thousand six hundred seventy seven customers in the unincorporated north and northeast areas of King County.
3. Wave is a wholly-owned subsidiary of WaveDivision Holdings, LLC ("WDH"), a Delaware limited liability company.
4. WDH is wholly-owned by OH WDH Holdco, LLC, a Delaware limited liability company, which is wholly-owned by Wave Holdco, LLC ("Wave Holdco").
5. On May 18, 2017, Wave Holdco and other entities entered into a securities purchase agreement that will result in a transfer of the controlling interest in Wave Holdco and, by extension, an indirect transfer of controlling interest in Wave. As a result of this purchase agreement, Wave Holdco will become a wholly-owned subsidiary of Radiate Holdco, LLC, a Delaware limited liability company controlled by Radiate Holdings, L.P. ("Radiate").
6. On or about June 16, 2017, Wave Holdco applied to the King County office of cable communications, via Federal Communications Commission Form 394, for approval of the proposed transfer of controlling interest.
7. The sales transaction is expected to close in 2017. Upon closing, cable franchise 5602 will continue to be held by Wave, the same legal entity that currently holds the franchise. Wave is not seeking any modifications to the franchise as a result of the proposed sales transaction. Wave will continue to provide cable service to county customers in accordance with the franchise agreement terms; however, it will do so under the ultimate ownership and indirect control of Radiate, rather than Wave Holdco.
8. Under Section 4 of the Wave franchise and...

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