File #: 2021-0165    Version:
Type: Ordinance Status: Passed
File created: 4/20/2021 In control: Government Accountability and Oversight Committee
On agenda: Final action: 6/15/2021
Enactment date: 6/25/2021 Enactment #: 19299
Title: AN ORDINANCE approving the transfer of indirect control of cable franchise 5602 from Radiate Holdings, L.P., to Stonepeak Associates IV, LLC.
Sponsors: Pete von Reichbauer
Indexes: Cable TV, Franchises
Attachments: 1. Ordinance 19299, 2. 2021-0165 Transmittal Letter, 3. 2021-0165 Fiscal Note, 4. 2021-0165 Legislative Review Form, 5. 2021-0165_SR_Cable_Franchise_Transfer_Ownership.docx, 6. ATT2. 2021-0165.1_Striking_Amendment_S1_TechnicalEdits.docx, 7. ATT5. 2021-0165_CableFranchiseTransferOwnership_PublicHearingNotice_FINAL.doc, 8. 2021-0165_REVISED_SR_Cable_Franchise_Transfer_Ownership.docx, 9. 2021-0165 Invoice & Affidavit - June 30, 2021 Invoice #8082.pdf
AN ORDINANCE approving the transfer of indirect control of cable franchise 5602 from Radiate Holdings, L.P., to Stonepeak Associates IV, LLC.
1. WaveDivision I, LLC, d/b/a Wave Broadband, a Washington limited liability company ("franchisee"), owns, operates and maintains a cable television system in King County rights of way under cable franchise 5602.
2. Under cable franchise 5602, franchisee serves approximately one thousand customers in the unincorporated north and northeast areas of King County.
3. Franchisee is a subsidiary of Radiate Holdings, L.P., a Delaware limited partnership.
4. In accordance with an October 31, 2020 Agreement and Plan of Merger, Stonepeak Associates IV, LLC, a Delaware limited liability company, will assume indirect control of Radiate Holdings, L.P., and its subsidiaries, including franchisee. After closing, Stonepeak Associates IV, LLC, itself will be indirectly owned and controlled by separate business entities that are ultimately owned and controlled by Stonepeak Infrastructure Partners. Franchisee will continue to remain an indirect, wholly owned subsidiary of Radiate Holdings, L.P.
5. Radiate Holdings, L.P., and Stonepeak Infrastructure Partners, have requested King County's consent to the transfer of control in the franchisee in accordance with the requirements of the cable franchise and have filed a Federal Communications Commission Form 394, and related exhibits, with the King County office of cable communications describing the proposed sales transaction and Stonepeak Associates IV, LLC's technical and financial qualifications.
6. Upon closing, franchisee will continue to hold cable franchise 5602. Franchisee will also continue to provide cable service to county customers without interruption. Franchisee has no changes planned to the current terms and conditions of service or operations of the cable system.
7. K.C.C. 6.27A.010.CC. defines a "transfer" in part to mean "any transactio...

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