Comcast and Insight Announce Completion of Insight Midwest Transaction
PHILADELPHIA, PA and NEW YORK, NY
Comcast Corporation (NASDAQ: CMCSA, CMCSK), and Insight Communications Company today announced that they have completed the previously announced agreement to divide the Insight Midwest partnership in which each party held a 50% interest.
With the completion of the transaction, Comcast owns 100% of the cable systems serving Illinois customers in Rockford/Dixon, Quincy/Macomb, Springfield, Peoria and Champaign/Urbana, and Indiana customers in Bloomington, Anderson, and Lafayette/Kokomo. As of September 30, 2007, these systems passed 1.2 million homes and served approximately 696,000 basic video subscribers.
Insight owns 100% of the cable systems serving Kentucky customers in Louisville, Lexington, Bowling Green and Covington, and customers in Evansville, Indiana and Columbus, Ohio. As of September 30, 2007, these systems passed approximately 1.3 million homes and included approximately 665,800 basic video customers.
Comcast paid the partnership approximately $1.3 billion at closing for its share of the partnership's debt.
About Comcast Corporation
Comcast Corporation (http://www.comcast.com) is the nation's leading provider of cable, entertainment and communications products and services. With 24.2 million cable customers, 12.9 million high-speed Internet customers, and 4.1 million voice customers at September 30, 2007, Comcast is principally involved in the development, management and operation of broadband cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, The Golf Channel, VERSUS, G4, AZN Television, PBS KIDS Sprout, TV One, Comcast SportsNet and Comcast Interactive Media, which develops and operates Comcast's Internet business. Comcast also has a majority ownership in Comcast Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
About Insight Communications
Insight Communications is the tenth largest cable operator in the United States with approximately 713,000 customer relationships in the three contiguous states of Kentucky, Indiana and Ohio. Insight offers bundled, state-of-the-art video, high-speed Internet and voice telephony services to its customers.