Implications of the 1976 General Revision of the Copyright Act for the retransmission of television programs by cable systems are investigated. Discussion of the history and shortcomings of the compulsory licensing provisions for distant signal importation includes a description of the cable provisions of the bill, along with the judicial, regulatory, and legislative backgrounds of the cable copyright issue; shows why compulsory licensing is an economically inefficient substitute for full liability; and examines the policy choice between adopting compulsory licensing and full liability as a solution to the copyright issue. The probable financial implications of distant signal importations under the General Revision for the cable and television markets are also examined, as well as regulatory responses to mitigate the impact of the General Revision on the supply of programming. (Author/RAO)