Insight gains cash on 1st trading

Cabler to be nation's eighth largest with some 1 million subscribers

Investors pumped cash into independent cabler Insight Communications Co. on Wednesday as the company’s shares jumped 27% on their first day of trading to close at $30.88.

Insight’s opening proves that cable is still red hot as a wave of mergers continue to sweep the sector and players roll out new services.

The New York company’s initial public offering of 23 million shares was priced at $24.50, raising $563 million that Insight execs said could be used to grow the business. Wall Street, however, still sees Insight as a highly attractive takeover target by a larger player.

The company now trades on the Nasdaq market under the ticker symbol ICCI.

Including pending transactions, Insight will be the nation’s eighth largest cable operator with some 1 million subscribers. The group, founded in 1985, has about 525,000 subs in California, Indiana, Illinois, Kentucky, Ohio and Georgia.

Like other cable companies, Insight is working to expand its offerings to include high-speed Internet access, digital cable and telephony services.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading