Any transactions which singularly or collectively result in a change of 50 percent or more of the ownership or working control of the grantee, of the ownership or working control of a communications system, of the ownership or working control of affiliated entities having ownership or working control of the grantee or of a communications system, or of control of the capacity or bandwidth of the grantee’s communication system, facilities or substantial parts thereof, shall be considered an assignment or transfer requiring City approval. Transactions between affiliated entities are not exempt from City approval. A grantee shall promptly notify the City prior to any proposed change in, or transfer of, or acquisition by any other party of control of a grantee’s company. Every change, transfer, or acquisition of control of a grantee’s company shall cause a review of the proposed transfer. In the event the City adopts a resolution denying its consent and such change, transfer or acquisition of control has been effected, the City may cancel the permit, franchise or lease. Approval shall not be required if said transfer is from a grantee to another person or entity controlling, controlled by, or under common control with a grantee.