Insight Communications Company, Inc. and Comcast Corporation (CMCSA, CMCSK) today announced that they have reached a definitive agreement to divide the Insight Midwest partnership in which Insight and a Comcast subsidiary each hold a 50% interest. By dividing the partnership, which Comcast inherited with the AT&T Broadband acquisition, Comcast will be able to convert its interest in the joint venture from a passive investment to a direct ownership in cash-flow generating cable systems. For 2007, Comcast expects the new systems to generate approximately $290 million in Operating Cash Flow.
Upon completion of the transaction, Comcast will own 100% of the cable systems serving Illinois customers in Rockford/Dixon, Quincy/Macomb, Springfield and Champaign/Urbana, and Indiana customers in Bloomington, Anderson, and Lafayette/Kokomo.
