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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> NEW YORK (AP) — Time Warner Cable will buy Insight Communications Co. for $3 billion in cash as it bolsters its presence in the Midwest, the company said Monday.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> The privately held cable operator serves more than 750,000 customers in Indiana, Kentucky and Ohio. It has about 537,000 high-speed data subscribers, 679,000 video subscribers and 297,000 voice subscribers.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> Insight is owned by The Carlyle Group, Crestview Partners, MidOcean Partners, members of Insight management and others.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> “We believe in our business and its long-term prospects and have long thought that Insight’s well-run, technologically advanced systems would fit well with our Midwest operations,” Time Warner Cable Chairman and CEO Glenn Britt said in a statement.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> Time Warner Cable Inc., based in New York, said that it expects the deal to create annual cost savings of about $100 million, with the majority of those savings coming within two years of the deal closing.
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“font-family: Arial, Helvetica, sans-serif; font-size: 13px; -webkit-border-horizontal-spacing: 2px; -webkit-border-vertical-spacing: 2px;”> Time Warner Cable is the second-largest cable company in the U.S. behind Comcast Corp.
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