Thursday, August 25, 2005

Liberty Corporation to Merge with Raycom Media

Source: Business Wire The Liberty Corporation announced today that it has entered into a definitive merger agreement with Raycom Media, Inc. Pursuant to the terms of the merger, Raycom will pay cash consideration of $47.35 per share of Liberty common stock and will assume approximately $110 million of debt for a total enterprise value of approximately $987 million. Based in Montgomery, Alabama, Raycom is a privately held television broadcaster with 37 stations in 28 markets.

The closing of the transaction is subject to the approval of Liberty's shareholders, the approval of the Federal Communications Commission and other customary conditions. Liberty shareholders owning approximately 20% of Liberty's outstanding shares have agreed to vote in favor of the merger.

According to Hayne Hipp, Chairman and CEO of Liberty, "Broadcasting has been essential to the success of Liberty Corporation for 70 years of the century we've been in business. The transaction we announce today is testimony to the exemplary reputation we've built as both a standard-bearer in the industry and a champion of each community in which we serve. In Raycom, we have found a company whose stellar record of public service and commitment to local news and information mirror our own. This transaction will afford our employees the opportunity to flourish within a company dedicated to the television broadcasting business, and enable our shareholders to realize full and fair value."

KAIT, Jonesboro, is a Liberty owned station. KSLA in Shreveport is a Raycom Media owned station.


At 4:35 PM, August 25, 2005, Anonymous Anonymous said...

Liberty has been very good to KAIT over the years. Always top notch equipment.

At 5:44 PM, August 25, 2005, Anonymous AMNewsBoy said...

Although the set @ KAIT could use some work - it's at least 10 years old, INCLUDING the time it served as a set in Buffalo. Still, tho, they have always treated their employees pretty gosh darn well.

That's gonna be a MAJOR win for KAIT... it will help them boost their coverage of things in the Memphis area ('cause they'll be able to get stuff from WMC) and the Bootheel ('cause whatever they don't get, they can get from KFVS - both Raycom stations).

At 1:53 AM, August 26, 2005, Anonymous Anonymous said...

Kind of like the video servers that were so old they had to buy another one to cannibalize it, and the DVC cameras with a Canon lens, a Panasonic deck and a frame from yet another company?


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