Time Warner Cable is buying Insight Communications, the cable operator controlled by private equity firm Carlyle Group, for about $3 billion, The Wall Street Journal reports. Bidders for the company included Cablevision Systems, Mediacom Communications and WideOpenWest.
UBS and Bank of America Merrill Lynch are advising Insight, and Time Warner Cable is being advised by Citigroup. The purchase will help Time Warner create annual cost efficiencies of approximately $100 million, after one-time costs and capital expenditure.
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