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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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