Sec.  78.35   Assignment or transfer of control.

   (a) No assignment of the license of a cable television relay station or
   transfer of control of a CARS licensee shall occur without prior FCC
   authorization.

   (b) If an assignment or transfer of control does not involve a substantial
   change of interests, the provisions of  Sec.  Sec. 78.20(c) and 78.22, concerning
   public notice and objections, shall be waived.

   (c) Licensees of CARS stations are not required to submit applications for
   assignment or transfer of control or otherwise notify the FCC in cases where
   the change in ownership does not affect the identity or controlling interest
   of the licensee.

   (d) If an assignment or transfer of control involves a substantial change of
   interest, and requires prior FCC approval, the CARS licensee is required to
   file FCC Form 327 with the Commission.

   (e) Licensees are required to notify the Commission of consummation of an
   approved transfer or assignment. The assignee or transferee is responsible
   for providing this notification, including the date the transaction was
   consummated. The transaction must be consummated and notification provided
   to the Commission within 60 days of public notice of approval, and
   notification of consummation must occur no later than 30 days after actual
   consummation, unless a request for an extension of time to consummate is
   filed.

   [ 37 FR 15927 , Aug. 8, 1972, as amended at  50 FR 23421 , June 4, 1985;  68 FR 27004 , May 19, 2003]