Insight Communications Co., which is controlled by The Carlyle Group, received final bids for the company and will probably choose a buyer this month, Reuters reported, citing news in the Wall Street Journal. Bidders for the cable operator include WideOpenWest and Mediacom Communications. The final bids were reportedly more than $3 billion, the Journal reported.
(Reuters) – Insight Communications Co, controlled by The Carlyle Group, received final bids in its auction last week and a buyer will likely be picked within a month from bidders including WideOpenWest LLC and Mediacom Communications, the Wall Street Journal reported.
The final bids for the company — the ninth largest cable operator in the United States — came in just north of $3 billion, WSJ reported, citing people familiar with the matter.
The Journal also said Cablevision Systems Corp (CVC.N), which had earlier expressed interest, has dropped out of the sale process for now, while Time Warner Cable Inc (TWC.N) remained interested.
However, Time Warner is unlikely to bid for Insight unless the asking price falls below $3 billion, WSJ said citing one person familiar with the matter.
A few buyout firms are also interested and are looking at Insight’s financial data to assess how much they can borrow to fund a purchase, the WSJ reported.
Neither Insight nor Cablevision could be reached immediately for comment. Time Warner declined to comment. (Reporting by Abhishek Takle in Bangalore; Editing by Carol Bishopric)