Agenda Packets - 1996/09/23 - Laserfiche WebLink

Home Browse Search

MEMORANDUM August 9, 1996 • Page 2 required and received from US West, for the purpose of this report, ordinarily the 120-day period would be calculated from the dateof receipt of FCC 394. However, the Authorities simultaneously received FCC 394 for a proposed transaction between Continental and US West, Inc. and FCC 394 for the Meredith/Continental transaction. While the companies held the position that the transactions were simultaneous and therefore the Authorities' review must be completed for both transactions within one 120-day period, this office asserted that the transactions were consecutive and therefore the Authorities would have 120 days for the first transaction, and another 120 days for the second. It was also obvious that this situation was unprecedented, and the legal authority was unclear as to the veracity of either position. - Therefore, the companies and this office on behalf of the Authorities began negotiating a mutually • acceptable review time period. Of particular concern to the company was the desire to close the US West transaction prior to the end of 1996. Consecutive 120-day periods would have exceeded that closing deadline. The negotiated settlement is set forth in correspondence from the companies' counsel and a response from our office and is attached hereto collectively as Exhibit 1. The parties agree to conclude all actions required by the political subdivisions who are members of the various Authorities on or before September 30, 1996, unless the US West closing deadline is extended beyond October 1, 1996, in which event the deadline will be extended to October 18, 1996. The purpose of this report is to provide the Authorities with an understanding of the transaction and the standard for review. .