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Insight Sees Lower Gains, Moves Towards Going Private

Insight Communications eked out smaller quarterly gains in cable modem and digital cable customers but a higher increase in telephony subscribers as it made strides towards going private. Insight picked up 23,500 high-speed data subscribers in the second quarter, up from 15,900 a year ago but down from 37,300 in the first quarter. The MSO added just 1,800 digital cable subscribers, up from a loss of 200 a year ago but down from a gain of 7,700 in the first quarter. Finally, it signed up 4,900 cable telephony customers, its best quarterly performance yet. Insight also announced a definitive agreement between its senior management team and its board of directors to take the company private. The deal calls for Insight Acquisition Corp., a new corporate entity headed by Insight Chairman Sidney Knafel and CEO Michael Willner, to buy the company's outstanding stock for $710 million in cash, or $11.75 per share. Shareholders and federal regulators must still approve the deal.
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