Raycom Completes Liberty Acquisition Seeks Further Strategic Opportunities
MONTGOMERY, Alabama - February 2, 2006 -- Privately held Raycom Media, Inc. announced today that it had completed the acquisition of the 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), formerly owned by Liberty Corporation.
“These are excellent television stations”, commented Raycom CEO Paul McTear. “We could not be more pleased with the purchase and the opportunity this transaction affords our company, our management team and our shareholders.”
Raycom previously announced the sale of WWAY in Wilmington to Morris Networks and its intention to sell KGBT in Harlingen, Texas. “We would love to keep both of these stations, but regulatory restrictions dictated that we could not retain WWAY and KGBT is a bit outside our strategic footprint. Both stations are well managed, are in explosive growth communities and have excellent network affiliations.”
Mr. McTear further stated that “we are in the process of evaluating other opportunities to pursue stations in state capitals, thriving southern cities, and university towns. We are lucky to have the support of the Retirement Systems of Alabama, among others to accomplish our mission.”
The Retirement Systems of Alabama, a $29 billion pension fund, provided Raycom with 100% of the required outside financing for the Liberty transaction. Dr. David G. Bronner, the Chief Executive Officer of the RSA commented that “we are pleased to have been the sole source of financing for the Liberty transaction and to continue to support Raycom, the largest media company headquartered in Alabama. We believe this transaction fits nicely into the Raycom’s strategy. We are anxious to continue to support Raycom and provide financing for those situations that fit the Raycom mold. What’s good for Raycom is good for Alabama and the more than 297,000 members of the RSA.”
Raycom, an employee-owned company, is one of the nation’s largest broadcasters and currently owns and operates 49 television stations in 22 states. Raycom stations cover more than 12.7 % of U.S. television households and employ 4200 individuals in full and part-time positions.
In addition to television stations, Raycom owns Raycom Sports (a marketing, production and events management and distribution company in Charlotte, North Carolina); Raycom Post (a post production facility in Burbank, CA), Broadview Media (a post production/telecommunications company based in Montgomery, AL), and CableVantage (a cable advertising sales group based in Columbia, SC).
Further information about Raycom can be found at the corporate website,
The Retirement Systems of Alabama (RSA) provides retirement and other benefits to the employees of state government, public education, and some local, county, public or quasi-public organization or political subdivision. The RSA is composed of the Employees’ Retirement System (ERS), Teachers’ Retirement System (TRS), and the Judicial Retirement Fund (JRF).
Further information about Raycom can be found at
the corporate website,
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information contained herein or in any other written or oral statements made by, or on behalf of Raycom, is or may be viewed as forwardlooking. The words "expect," "believe," "anticipate" or similar expressions identify forward-looking statements.
Although Raycom has used appropriate care in developing any such forward-looking information, forward-looking information involves risks and uncertainties that could significantly impact actual results. These risks and uncertainties include, but are not limited to, the following: changes in national and local markets for television advertising; changes in general economic conditions, including the performance of financial markets and interest rates; competitive, regulatory, or tax changes that affect the cost of or demand for the Company's products; delays in completion of the merger with Liberty due to delays in securing necessary consents and regulatory approvals, and adverse litigation results. Raycom undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.