<p>Raycom Media of Montgomery agreed Thursday to buy Liberty Corp. of Greenville, S.C., in a $987 million deal that will boost Raycom's holdings to 52 TV stations.</p><p>Liberty operates 15 network affiliated stations, including one in Georgia, and Raycom, an employee-owned company, operates 37. The deal will give Raycom a highly rated station in its hometown, WSFA-TV.</p><p>Raycom President Paul McTear said the agreement "allows us to take an exciting and logical next step into an exceptionally attractive group of markets."</p><p>Raycom agreed to purchase Liberty's stock at $47.35 per share, making the deal worth $987 million. Raycom will keep its headquarters in Montgomery, McTear said.</p><p>Hayne Hipp, Liberty's CEO and chairman, said Liberty's stations "will benefit from greater scale and resources, which are necessary to compete effectively in today's increasingly competitive media market."</p><p>Company officials said they expect to compete the transaction by Dec. 31.</p><p>In addition to WSFA-TV, Liberty operates WAVE-TV, Louisville, Ky.; WTOL-TV, Toledo, Ohio; WIS-TV, Columbia, S.C.; WLBT-TV, Jackson, Miss.; KGBT-TV, Harlingen, Texas; WFIE-TV, Evansville, Ind.; KLTV-TV, Tyler, Texas; KTRE-TV, Lufkin, Texas; WWAY-TV, Wilmington, N.C.; KCBD-TV, Lubbock, Texas; WALB-TV, Albany, Ga.; WLOX-TV, Biloxi, Miss.; KPLC-TV, Lake Charles, La.; and KAIT-TV, Jonesboro, Ark.</p><p>McTear said Raycom's stations and Liberty's stations overlap in Toledo, Wilmington, Columbia, and Albany. The company will seek approval from the FCC to operate two stations in those markets, he said.</p><p>The Retirement Systems of Alabama, the pension fund for Alabama's state employees and teachers, and a group of banks led by Wachovia have provided financing for Raycom in the past and are doing it again for this deal, McTear said.</p><p>As part of Raycom's financing agreement with the Retirement Systems of Alabama, its stations broadcast free advertising promoting tourism in Alabama. McTear said the 15 stations joining Raycom would start carrying the ads.</p><p>Hipp said he won't be going to the Raycom board but will remain in Greenville, helping to foster economic development and job creation.</p><p>He said the sale will not cause any changes at Liberty's 15 stations, but it will put about 25 to 30 workers at Liberty's Greenville headquarters out of work.</p>
