An investor group spearheaded by Crestview Partners and MidOcean Partners has purchased a 42 percent stake in Insight Communications, the nation's ninth largest MSO. Most of the stake came from existing shareholders, including the Carlyle Group, which will still hold its own 42 percent stake when the deal closes sometime in the second quarter. At the minimum, the investment shows that things are once again moving around equity markets and that cable is a hot buy.
In a news release, Jeffrey Marcus, head of Crestview's Media and Communications Group pointed out that Insight marked the group's third cable investment. Most recently, he said, "we helped lead the successful restructuring of Charter Communications... and continue to hold a stake in that company." MidOcean Managing Director Tyler Zachem called Insight a "robust, healthy company in a dynamic industry."
The deal leaves in place Insight Chairman Sidney Knafel and CEO Michael Willner and, the news release said, "will not have an impact on Insight's day to day business operations or its customers."
- see this news release
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