By Robin Wauters
Rumors about the news swirled yesterday, but Time Warner Cable (NYSE:TWC) just confirmed it has acquired Midwest cable operator Insight Communications for $3 billion in cash. Insight serves over 750,000 customers in Indiana, Kentucky and Ohio, according to the press release.
Insight offers bundled video, high-speed Internet and voice telephony services to residential and business customers and also operates cn|2, a news and information network, which it delivers to a subset of its customers.
Founded more than 25 years ago, The Carlyle Group and Insight management took the company private in December 2005, and other investors such as Crestview Partners and MidOcean Partners purchased a significant stake in the company in April 2010.
This transaction is subject to receipt FCC and franchise approvals, and other customary closing conditions.
Time Warner Cable is the second biggest cable television company in the United States, after Comcast (NASDAQ:CMCSA) and boasts roughly 12 million cable customers.