Time Warner Cable passes regulatory hurdle on Insight deal
Time Warner Cable has been cleared to buy Insight Communications after the Federal Trade Commission recently signed off on the deal.
Last month, Time Warner Cable announced it was buying Insight from the Carlyle Group for $3 billion in cash in order to expand its presence in the Midwest. Time Warner Cable previously said it expected the acquisition to close by the first half of next year.
The Federal Trade Commission announced that the deal had been granted early antitrust clearance, under the Hart-Scott-Rodino Act, yesterday.
Time Warner Cable emerged as the winner of Insight after a failed auction and months of negotiations. According to past media reports, Cablevision, Mediacom Communications, WideOpenWest and Charter Communications kicked the tires on Insight.
Carlyle was reportedly seeking $3.5 billion to $4 billion for Insight, but Time Warner Cable initially dropped out of the earlier auction because it felt the price was too high.
Time Warner Cable is the nation's second-largest cable operator, while Insight is the ninth-largest.