Raycom purchases Liberty

    That payment will include a cash consideration of $47.35 per share of Liberty common stock
    Author:
    Publish date:

    Raycom Media has purchased television station owner Liberty for an estimated $987 million.

    That payment will include a cash consideration of $47.35 per share of Liberty common stock. Raycom, a privately held owner of 37 TV stations in 28 markets, will assume abut $110 million of Liberty debt.

    Liberty, based in Greenville, SC, employs about 1400. It operates 15 network-affiliated television stations, including WAVE-TV Louisville, KT; WTOL-TV, Toledo, OH; WIS-TV, Columbia, SC; WLBT-TV, Jackson, MI; KGBT-TV, Harlingen, TX; WFIE-TV, Evansville, IN; KLTV-TV, Tyler, TX; KTRE-TV, Lufkin, TX; WSFA-TV, Montgomery, AL; WWAY-TV, Wilmington, NC; KCBD-TV, Lubbock, TX; WALB-TV, Albany, GA; WLOX-TV, Biloxi, MI; KPLC-TV, Lake Charles, LA; and KAIT-TV, Jonesboro, AK.

    The sale still must be approved by regulators and Liberty shareholders. The companies predicted that the deal will close by Dec. 31. The merged operations will be headquartered in Montgomery.

    Back to the top

    Related

    News

    Liberty Corp. Purchases Snell & Wilcox Gear

    Liberty Corp. has purchased a range of Snell & Wilcox IQ Modular infrastructure products and HD5200 upconverters for its U.S. TV stations. The equipment is currently operating in 11 of Liberty's 15 stations, with plans for the remaining four to switch to digital in the next several months. The IQ Modular systems are h

    News

    Liberty Stations Get Crispin PSIP Facelift

    The Liberty broadcast station group recently installed Crispin's PSIP software on 12 of its network-affiliated TV stations in time for the Feb. 1, 2005 FCC mandated PSIP requirement deadline. The Crispin DTV PSIP interface was installed at the following stations: WAVE-DT, Louisville, Ky WIS-DT, Columbia, S.C.

    Business

    Liberty Broadband Interactive to Acquire Wink Communications

    Liberty Broadband Interactive Television Inc. has signed a merger agreement with Wink Communications Inc. whereby Liberty will purchase all of Wink's outstanding shares of stock. Wink will subsequently operate as a wholly owned subsidiary of LBIT. The merger will allow Liberty to combine Wink's end-to-end system that

    People

    Liberty Exec Receives NAB Leadership Award

    Jim Keelor, the president and COO of Greenville, N.C.-based Liberty Corp is the recipient of the first Chuck Sherman Television Leadership Award from the NAB. The award is given annually to an individual demonstrating leadership, service and commitment to local TV in smaller markets. The inaugural award, named after