TWC Buys Midwest Cable Company Insight

After rumors of an acquisition broke yesterday, Time Warner Cable has confirmed that it’s buying Midwest cable company Insight Communications for $3 billion in cash.

This is TWC’s biggest acquisition deal since 2006 when it and Comcast bought the assets of bankrupt Philadelphia cable provider Adelphia.

Insight provides cable, broadband, and phone services to more than 750,000 customers in Indiana, Kentucky, and Ohio. It also operates cn|2, a news and information network delivered to some of its customers.

Insight’s owners, the Carlyle Group and other private equity firms, put the company up for sale earlier this year with an asking price of $3.5 billion to $4 billion. TWC was said to be unwilling to pay that much for the company.

The deal is still subject to FCC and franchise approvals, and other closing conditions.