Time Warner buys cn|2 parent company Insight Communications for $3 billion
08/15/2011 11:48 AM
Time Warner Cable Inc. acquired Insight Communications — the parent company of cn|2 — for $3 billion, the companies announced Monday morning.
The deal will take months to finalize, and is subject to regulators’ approval.
Time Warner Cable has more than 14 million customers nationwide, including cable customers in Owensboro and the counties surrounding Lexington such as Madison, Scott and Woodford counties.
Insight provides cable services to 679,000 customers in the Louisville metro area, Lexington, Northern Kentucky, Bowling Green, Henderson, as well as in Indiana and Columbus, Ohio.
“Given their industry-leading position and depth of resources, we expect that Time Warner Cable will continue building on the advancements our tremendous employees have made while providing outstanding service to our customers,” said Insight co-founder and CEO Michael Willner. “The communities we serve could not be in better hands than with Time Warner Cable.”
After one year on the air, Insight’s network, cn|2, has “proven to viewers that we are a valuable source for weather, sports and politics,” said Caroline Imler, director of broadcast operations for cn|2.
“It’s information, analysis and convenience viewers can’t get anywhere else,” Imler said. “Time Warner Cable has a glowing track record of success with other local stations in markets like New York, Raleigh and Charlotte and certainly, they will make their plans known for all of Insight’s products and services in near future.”
Glenn Britt, chairman and CEO of Time Warner Cable, said in a statement that Insight’s “well-run, technologically advanced systems would fit well with” Time Warner’s Midwest operations.
Insight has been owned by The Carlyle Group, MidOcean Partners and Crestview Partners, as well as Insight managers.
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