Time Warner Cable Acquires Insight Communications For About $3 Billion
Time Warner Cable (NYSE:TWC) has agreed to acquire Insight Communications for $3 billion. Insight Communications is a large cable television operator that is owned by Carlyle Group and several other private equity firms.
“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,” stated Time Warner Cable CEO Glenn Britt.
If the deal goes through, this would be Time Warner Cable’s largest acquisition since 2006. That year Time Warner Cable and Comcast acquired bankrupt cable company Adelphia’s assets.
Time Warner Cable will gain an additional 680,000 subscribers through the acquisition. These subscribers will be added to Time Warner’s existing 12 million cable customers. Insight provides cable and broadband phone services to customers in Indiana, Kentucky, and Ohio.
[NYT]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry