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Time Warner Cable buying Insight for $3B in cash

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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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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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Insight is owned by The Carlyle Group, Crestview Partners, MidOcean

Partners, members of Insight management and others.

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“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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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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Time Warner Cable is the second-largest cable company in the U.S.

behind Comcast Corp.

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