Insight seeks buyer, again: mid-market operator is expected to draw big interest.(NEWS & ANALYSIS)(Bank of America Merrill Lynch)(Insight Communications Company Inc.)

INSIGHT COMMUNICATIONS is testing the deal waters, hiring a pair of investment bankers last week to seek a buyer for the mid-market MSO, about three years after abandoning sale plans in the midst of a down economy.

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Sources confirmed published reports last week that Insight has hired Bank of America Merrill Lynch and UBS to seek a buyer. While still in its early stages, the MSO is expected to attract strong interest from both strategic and financial players.

According to sources familiar with the company, the most likely buyer is Time Warner Cable, which surrounds Insight in Ohio and Indiana. Other strategic buyers, such as Charter …