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The Associated Press April 1, 2010, 2:52PM ET

Crestview, MidOcean buy stake in Insight

An investor group led by Crestview Partners and MidOcean Partners has bought a significant stake in regional cable operator Insight Communications Co. Inc., the company said Thursday.

The investor group bought the position from existing shareholders including private equity firm Carlyle Group.

Terms of the deal were not disclosed.

When the deal is complete, by the end of the second quarter, the new investor group and Carlyle will both have about a 42 percent interest in the company.

Management, employees and other shareholders will own the rest.

Crestview and MidOcean have other stakes in the cable industry. The two bought OneLink Communications in San Juan, Puerto Rico, in 2005.

Carlyle and the company's management bought Insight in 2005 in deal that took the company private.

Insight CEO Michael Willner said the investment validates teh company's strategy.

Willner, Insight board Chairman Sidney R. Knafel, and certain related holders will continue to hold enough shares so they can elect a majority of the board's directors.

The company said management will stay in place and the deals will not affect operations.

Insight said it will also offer to buy some shares from existing shareholders at the same price per share sold to Crestview and MidOcean.

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