Insight Communications, Lexington's cable television operator, announced Thursday that an investor group led by two private equity firms is purchasing a stake in the company.
The group, led by Crestview Partners and MidOcean Partners, will own 42 percent of Insight after the deal is done. Another 42 percent will be owned by existing owner The Carlyle Group, which partnered with company management to take Insight private in December 2005. Media reports suggested in 2007 that The Carlyle Group was looking to sell the company, but stopped after bids came in below expectations.
The company's management, employees and other shareholders will own the remainder.
The deal is expected to be completed by the end of the second quarter, the company said in a news release.