Shareholders Approve Liberty/Raycom Merger

GREENVILLE, S.C. -- The Liberty Corporation (NYSE:LC) announced that its shareholders have approved the proposed merger of Liberty with Raycom Media, Inc. The merger remains subject to the approval of the Federal Communications Commission and other customary closing conditions.

Upon completion of the merger, each issued and outstanding share of Liberty's common stock will be converted into the right to receive $47.35 in cash.

A major group broadcaster, Liberty owns fifteen network-affiliated television stations, including eight NBC affiliates (WAVE-TV, Louisville, KY; WIS-TV, Columbia, SC; WLBT-TV, Jackson, MS; WFIE-TV, Evansville, IN; WSFA-TV, Montgomery, AL; KCBD-TV, Lubbock, TX; WALB-TV, Albany, GA and KPLC-TV, Lake Charles, LA); five ABC affiliates (KLTV-TV, Tyler, TX; KTRE-TV, the satellite affiliate of KLTV in Lufkin, TX; WLOX-TV, Biloxi, MS; WWAY-TV, Wilmington, NC and KAIT-TV, Jonesboro, AR); and two CBS affiliates (WTOL-TV, Toledo, OH and KGBT-TV, Harlingen, TX).

For further information about Liberty, visit the corporate website, http://www.libertycorp.com