Liberty Corporation

Last updated
The Liberty Corporation
Company type Public
NYSE: LC
Industry Broadcast Television, Insurance
Founded1919
DefunctJanuary 31, 2006 (2006-01-31)
FateAcquired by Raycom Media
Successor
Headquarters
Greenville, South Carolina
,
United States
Area served
 Flag of the United States.svg United States (Nationwide)
Key people
  • Elliott Estes
  • A. H. Twitchell
  • W. Frank Hipp
  • Herman Hipp
  • W. Hayne Hipp
Products
  • CableVantage
  • Take Ten Productions
  • Broadcasting Merchandising Corporation

The Liberty Corporation was a media corporation originally based in Greenville, South Carolina. At its peak, Liberty owned 15 network-affiliated television stations across the Midwest and Southern regions of the United States. Cable advertising sales group CableVantage Inc., video production facility Take Ten Productions and broadcast equipment distributor Broadcast Merchandising Corporation were also some of its assets.

Contents

Liberty was founded in 1919 when W. Frank Hipp, a former top agent at Spartanburg-based Southeastern Life Insurance Company, struck out on his own. Within a decade, Liberty had grown large enough to buy his former employer. It entered broadcasting in 1930, when it bought WIS in Columbia—the start of what would become the Broadcasting Company of the South, renamed Cosmos Broadcasting in 1965. Under Francis Hipp, who succeeded his father in 1943, Liberty reorganized as a holding company, The Liberty Corporation, in 1967. [1]

Liberty sold its insurance subsidiaries, Liberty Life and Pierce National Life, to Royal Bank of Canada in 2000. Cosmos was then folded directly into the Liberty banner.

After the sale of its insurance division, the company employed approximately 1,400 people. The executive officers included chairman and CEO W. Hayne Hipp (who, with his family, owned about 25% of the company before its sale to Raycom Media), president and COO James M. Keelor, CFO Howard L. Schrott.

On August 25, 2005, Liberty agreed to be bought out by Raycom Media. Raycom paid $987 million, or $47.35 per Liberty share, and assumed Liberty's debts of approximately $110 million in the buyout. [2] The acquisition was completed on January 31, 2006. [3] After closing the deal, Raycom sold a number of stations, including two from the Liberty portfolio. They included ABC affiliate WWAY-TV in Wilmington, North Carolina to Morris Multimedia and CBS affiliate KGBT-TV in Harlingen, Texas to Barrington Broadcasting. [4] Also included with the merger was a construction permit for a new station in the Myrtle Beach–Florence, South Carolina market that Liberty applied for in 1996 [5] and was granted by the FCC in October 2005, shortly after the merger announcement; [6] Raycom would use the permit to build and sign-on WMBF-TV on August 7, 2008. [7]

Former stations

Stations are arranged in order by state and city of license.

City of license / Market StationChannelYears ownedCurrent status
Montgomery–Selma, AL WSFA-TV 121959–2006 NBC affiliate owned by Gray Television
Jonesboro, AR KAIT 81986–2006 ABC affiliate owned by Gray Television
Albany, GA WALB 101998–2006NBC affiliate owned by Gray Television
Evansville, IN WFIE 141981–2006 [lower-alpha 1] NBC affiliate owned by Gray Television
Louisville, KY WAVE 31981–2006 [lower-alpha 1] NBC affiliate owned by Gray Television
Lake Charles, LA KPLC 71986–2006NBC affiliate owned by Gray Television
New Orleans, LA WDSU 61972–1989NBC affiliate owned by Hearst Television
Marquette–Escanaba–Iron Mountain, MI WJMN-TV [upper-alpha 1] 31981–1984 [lower-alpha 1] MyNetworkTV affiliate owned by Nexstar Media Group
Biloxi–Gulfport–Pascagoula, MS WLOX 131995–2006ABC affiliate owned by Gray Television
Jackson, MS WLBT 32000–2006NBC affiliate owned by Gray Television
Wilmington, NC WWAY 31999–2006ABC affiliate owned by Morris Multimedia
Toledo, OH WTOL 111965–2006 CBS affiliate owned by Tegna Inc.
Columbia, SC WIS **101953–2006NBC affiliate owned by Gray Television
Myrtle Beach–Florence, SC WMBF-TV 32 [lower-alpha 2] NBC affiliate owned by Gray Television
Harlingen–Brownsville–McAllen, TX KGBT-TV 41998–2006 Antenna TV affiliate owned by Nexstar Media Group
Lubbock, TX KCBD 112000–2006NBC affiliate owned by Gray Television
Tyler–Longview, TX KLTV 72002–2006ABC affiliate owned by Gray Television
Lufkin–Nacogdoches, TX KTRE [upper-alpha 2] 92002–2006ABC affiliate owned by Gray Television
Green Bay, WI WFRV-TV 51981–1984 [lower-alpha 1] CBS affiliate owned by Nexstar Media Group

Notes

  1. ↑ Semi-satellite of WFRV-TV.
  2. ↑ Semi-satellite of KLTV.
  1. 1 2 3 4 Acquired from Orion Broadcasting.
  2. ↑ Raycom acquired WMBF's construction permit from Liberty, applied for in 1996 and granted in 2005, prior to the station's sign-on in 2008.

Related Research Articles

<span class="mw-page-title-main">WBTV</span> CBS affiliate in Charlotte, North Carolina

WBTV is a television station in Charlotte, North Carolina, United States, affiliated with CBS and owned by Gray Television. The station's studios are located off Morehead Street, just west of Uptown Charlotte, and its transmitter is located in north-central Gaston County. In addition, WBTV's studios continue to house the operations of its former sister radio stations currently owned by Urban One: WBT-AM/FM and WLNK, as well as WFNZ, which was previously owned by CBS Radio prior to its acquisition by Beasley Broadcast Group in 2014, followed by Entercom in late 2017 and then Urban One in 2020 under a local marketing agreement.

<span class="mw-page-title-main">WWAY</span> ABC/CBS/CW affiliate in Wilmington, North Carolina

WWAY is a television station in Wilmington, North Carolina, United States, affiliated with ABC, CBS, and The CW Plus. Owned by Morris Multimedia, the station has studios on Magnolia Village Way in Leland, and its transmitter is located west of Winnabow in Town Creek Township.

<span class="mw-page-title-main">WECT</span> NBC affiliate in Wilmington, North Carolina

WECT is a television station in Wilmington, North Carolina, United States, affiliated with NBC. It is owned by Gray Television, which provides certain services to Fox affiliate WSFX-TV under a shared services agreement (SSA) with American Spirit Media. Both stations share studios on Shipyard Boulevard in Wilmington, while WECT's transmitter is located near Winnabow, North Carolina.

WBTW is a television station licensed to Florence, South Carolina, United States, serving the Pee Dee and Grand Strand regions of South Carolina as an affiliate of CBS. The station is owned by Nexstar Media Group, and maintains studios on McDonald Court in the unincorporated community of Socastee ; its transmitter is located near Dillon, South Carolina.

<span class="mw-page-title-main">Lincoln National Corporation</span> American insurance and investment management company

Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.

<span class="mw-page-title-main">WIS (TV)</span> NBC affiliate in Columbia, South Carolina

WIS is a television station in Columbia, South Carolina, United States, affiliated with NBC and The CW. The station is owned by Gray Television, and maintains studios on Bull and Gervais Streets in downtown Columbia and a transmitter on Rush Road in rural southwestern Kershaw County, outside Lugoff.

<span class="mw-page-title-main">KAIT</span> ABC/NBC/CW affiliate in Jonesboro, Arkansas

KAIT is a television station in Jonesboro, Arkansas, United States, affiliated with ABC, NBC, and The CW Plus. It is owned by Gray Television alongside Telemundo affiliate KJTB-LD and KJBW-LD. The three stations share studios on New Haven Church Road north of Jonesboro; KAIT's transmitter is located in Egypt, Arkansas.

<span class="mw-page-title-main">WALB</span> NBC/ABC affiliate in Albany, Georgia

WALB is a television station in Albany, Georgia, United States, serving Southwestern Georgia as an affiliate of NBC and ABC. It is owned by Gray Television alongside low-power CW+ affiliate WGCW-LD. Both stations share studios on Stuart Avenue in Albany, while WALB's transmitter is located east of Doerun, along the Colquitt–Worth county line.

<span class="mw-page-title-main">WFIE</span> NBC affiliate in Evansville, Indiana

WFIE is a television station in Evansville, Indiana, United States, affiliated with NBC and owned by Gray Television. The station's studios are located on Mount Auburn Road in Evansville, and its transmitter is located in the Wolf Hills section of Henderson, Kentucky.

Raycom Media, Inc. was an American television broadcasting company based in Montgomery, Alabama. Raycom owned and/or provided services for 65 television stations and two radio stations across 44 markets in 20 states. Raycom, through its Community Newspaper Holdings subsidiary, also owned multiple newspapers in small and medium-sized markets throughout the United States.

KCBD is a television station licensed to Lubbock, Texas, United States, affiliated with NBC. It is owned Gray Television alongside Wolfforth-licensed CW+ affiliate KLCW-TV and four low-power stations—MyNetworkTV affiliate KMYL-LD, Snyder-licensed Heroes & Icons affiliate KABI-LD, Class A Telemundo affiliate KXTQ-CD and MeTV affiliate KLBB-LD. Gray also provides certain services to Fox affiliate KJTV-TV and low-power Class A independent KJTV-CD under a shared services agreement (SSA) with SagamoreHill Broadcasting. The stations share studios at 98th Street and University Avenue in south Lubbock; KCBD's transmitter is located at its former studios near the interchange of I-27 and Slaton Highway.

<span class="mw-page-title-main">WJTV</span> CBS/CW affiliate in Jackson, Mississippi

WJTV is a television station in Jackson, Mississippi, United States, affiliated with CBS and The CW. Owned by Nexstar Media Group, the station has studios on TV Road in southwest Jackson, and its transmitter is located in Raymond, Mississippi.

WTOL is a television station in Toledo, Ohio, United States, affiliated with CBS. It is owned by Tegna Inc., which provides certain services to Fox affiliate WUPW under a joint sales agreement (JSA) with American Spirit Media. Both stations share studios on North Summit Street in downtown Toledo, while WTOL's transmitter is located on Cedar Point Road in Oregon, Ohio.

<span class="mw-page-title-main">WPDE-TV</span> ABC affiliate in Florence, South Carolina

WPDE-TV is a television station licensed to Florence, South Carolina, United States, serving the Pee Dee and Grand Strand regions of South Carolina and affiliated with ABC and The CW. It is owned by Sinclair Broadcast Group, which also operates Dabl affiliate WWMB under a shared services agreement (SSA) with owner Howard Stirk Holdings. The two stations share studios on University Boulevard in Conway; WPDE-TV's transmitter is located on Pee Dee Church Road in Floydale, South Carolina.

<span class="mw-page-title-main">WLOX</span> ABC/CBS affiliate in Biloxi, Mississippi

WLOX is a television station licensed to Biloxi, Mississippi, United States, serving the Mississippi Gulf Coast as an affiliate of ABC and CBS. It is owned by Gray Television alongside low-power MeTV station WTBL-LD. WLOX's studios are located on DeBuys Road in Biloxi, and its transmitter is located in unincorporated southern Stone County near McHenry.

<span class="mw-page-title-main">WSFA</span> NBC affiliate in Montgomery, Alabama

WSFA is a television station in Montgomery, Alabama, United States, affiliated with NBC. It is owned by Gray Television alongside low-power, Class A Telemundo affiliate WBXM-CD. The two stations share studios on Dexter Avenue in downtown Montgomery; WSFA's transmitter is located in Grady along the Montgomery–Pike county line.

<span class="mw-page-title-main">KGBT-TV</span> Antenna TV/MyNetworkTV affiliate in Harlingen, Texas

KGBT-TV is a television station licensed to Harlingen, Texas, United States, serving the Lower Rio Grande Valley as a primary Antenna TV owned-and-operated station and a secondary MyNetworkTV affiliate. It is owned by Nexstar Media Group alongside Brownsville-licensed dual NBC/CBS affiliate KVEO-TV. Both stations share studios on West Expressway in Harlingen, while KGBT-TV's transmitter is located in La Feria, Texas.

<span class="mw-page-title-main">Lincoln Financial Media</span> Broadcasting subsidiary of Lincoln National Corporation

Lincoln Financial Media was a subsidiary of Lincoln National Corporation that owned radio stations in the United States. The division was formed in 2006 following the company's acquisition of Jefferson-Pilot's television and radio operations, which were renamed Lincoln Financial Media.

<span class="mw-page-title-main">WMBF-TV</span> NBC affiliate in Myrtle Beach, South Carolina

WMBF-TV is a television station licensed to Myrtle Beach, South Carolina, United States, serving as the NBC affiliate for the Grand Strand and Pee Dee regions of South Carolina. Owned by Gray Television, the station maintains studios on Frontage Road East in Myrtle Beach, with a secondary studio and news bureau on West Cheves Street in Florence; its transmitter is located on Flossie Road in Bucksville, South Carolina.

Significantly viewed signals permitted to be carried 47 U.S.C. § 340 or the Significantly Viewed list (SV) is a federal law which allows television stations as determined by the Federal Communications Commission (FCC) to be carried by cable and other multichannel video programming distributor (MVPD) providers outside their assigned Nielsen designated market area (DMA). This legislation was passed to protect viewers living near market boundaries from losing local television stations with significant viewership outside their market. It also allows for the carriage of local foreign stations in markets along international borders.

References

  1. ↑ Archive of company history
  2. ↑ "Liberty Corporation to Merge with Raycom Media, Inc". businesswire.com. August 25, 2005. Archived from the original on November 6, 2018. Retrieved November 6, 2018.
  3. ↑ "Liberty Corporation Completes Merger with Raycom Media". businesswire.com. January 31, 2006. Archived from the original on November 6, 2018. Retrieved November 6, 2018.
  4. ↑ "Raycom Media to sell 15 stations, including 2 it's still buying". Birmingham Business Journal. November 1, 2005. Retrieved October 29, 2021.
  5. ↑ "Cosmos applies for station in MB". Sun-News. Myrtle Beach, South Carolina. October 12, 1996. p. 1D. Archived from the original on April 7, 2022. Retrieved April 7, 2022– via Newspapers.com.
  6. ↑ Rich, Emma (March 23, 2007). "MB to get first NBC affiliate station". Sun-News. Myrtle Beach, South Carolina. p. 1C, 6C. Archived from the original on April 7, 2022. Retrieved April 7, 2022– via Newspapers.com.
  7. ↑ Fleisher, Lisa (August 8, 2008). "MB's NBC to get some air". The Sun News. Archived from the original on August 12, 2008.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.