Time Warner to Purchase Insight- $3B CASH-

Insight has more than 759,000 customers in Kentucky, Indiana and Ohio, and it employs nearly 1,500 people in Louisville.

“We believe in our business and its long-term prospects and have long thought that Insight’s well-run, technologically advanced systems would fit well with our Midwest operations,” Glenn Britt, chairman and CEO of Time Warner, said in the release.

Michael Willner, co-founder, vice chairman and CEO of Insight, said in the release that Time Warner will continue to advance the company’s technologies.

“The communities we serve could not be in better hands than with Time Warner Cable, which already operates in this region and is widely regarded as one of the most respected technology companies in the world,” Willner said.

The definitive merger agreement is subject to FCC and franchise approvals, among other closing conditions.

New York-based Time Warner (NYSE: TWC) has 14 million customers in 28 states. It has more than 47,000 employees nationwide.

Insight, the ninth-largest cable operator in the United States, is owned by The Carlyle Group, Crestview Partners, MidOcean Partners and members of the company’s management. Carlyle and Insight management took the company private in 2005, and Crestview and MidOcean purchased stakes in the company in April 2010.