Time Warner acquires Insight Communications for $3 billion  Cable companies have aggressively moved to add to acquire competitors as they look to maintain market share amid increasing competition. According to reports, Time Warner recently purchased a smaller foe.

According to a report from The Los Angeles Times, Time Warner agreed this week to buy Insight Communications Co. in a deal worth $3 billion. Time Warner - like many of its competitors - has purchased smaller cable providers over the past few years as it has worked to maintain its lead in a number of major U.S. markets.

Time Warner officials announced the deal on Monday, asserting it will add roughly 700,000 subscribers to its customer base, which currently includes some 12 million people. Time Warner is the second-biggest cable operator in the U.S. after Comcast Corp., according to analysts.

In the wake of the recession, Time Warner has seen its customer base shrink as consumers rein in their spending amid anemic economic growth, and the company hopes the move will help it to regain lost revenue. Company officials said the move will help strengthen its market share in Kentucky, Indiana and Ohio.
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