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Insight Communications Strikes Interim Deal with Excite@Home
New York – December 03, 2001 –
Insight Communications announced today that the company has signed an interim agreement with Excite@Home that will allow for uninterrupted service to its high-speed Internet customers for a three-month period. The company will transition, on a market-by-market basis, to one or more alternative Internet Service Providers. Insight also is exploring the implementation of multiple ISP platforms for its customers in the future.
Insight is one of several cable operators, along with Cox, Comcast, Mediacom, and Rogers, that struck a deal to provide for continuing service. The specific terms of the deal include a lump payment by the cable operators of $355 million, $10 million of which is Insight’s portion.
“We have worked hard to ensure continued, uninterrupted broadband service for our customers and it appears we have succeeded in that effort,“ said Kim D. Kelly, Insight’s Chief Operating & Financial Officer. “We agreed to pay this fee in order to extend the time required to ensure an orderly transition. Customers should be very clear that this payment will not result in a price increase.”
The deal was signed this afternoon and becomes binding upon approval of the Bankruptcy Court at a hearing, which should occur within 20 days.
“We are continuing our discussions with other ISPs,” continued Kelly. “The implementation of new providers is the first step in opening up our network to deliver to our customers more choice in the selection of their ISPs.”
Insight Communications (NASDAQ: ICCI) is the 9th largest cable operator in the United States, serving approximately 1.4 million customers. Named “2001 Cable Operator of the Year” by Cablevision Magazine, the company is highly concentrated in the four contiguous states of Illinois, Kentucky, Indiana and Ohio. Insight specializes in offering bundled, state-of-the-art services in mid-sized communities, delivering analog and digital video, high-speed data and the recent deployment of voice telephony in selected markets to its customers. Insight serves approximately 75,000 @Home customers company-wide.
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Contact:
Kim Messina
Assistant VP, Communications
(917) 286-2300
