No franchise, except for a franchise granted pursuant to section 306 of this chapter, or amendment thereto shall be granted pursuant to this chapter until the Commission has held a public hearing. The Commission shall cause notice of the time, date and place of such hearing, as well as the subject matter sufficient for the general public's identification, to be published in a newspaper of general circulation in the judicial division the applicant proposes to serve. Said publication shall appear once in each of two successive weeks, with the first publication being not less than fourteen days before the day of such hearing. The Commission shall issue a public statement in writing containing the reasons for its grant or rejection of any application.