Raycom Media has purchased television station owner Liberty for an estimated $987 million.
That payment will include a cash consideration of $47.35 per share of Liberty common stock. Raycom, a privately held owner of 37 TV stations in 28 markets, will assume abut $110 million of Liberty debt.
Liberty, based in Greenville, SC, employs about 1400. It operates 15 network-affiliated television stations, including WAVE-TV Louisville, KT; WTOL-TV, Toledo, OH; WIS-TV, Columbia, SC; WLBT-TV, Jackson, MI; KGBT-TV, Harlingen, TX; WFIE-TV, Evansville, IN; KLTV-TV, Tyler, TX; KTRE-TV, Lufkin, TX; WSFA-TV, Montgomery, AL; WWAY-TV, Wilmington, NC; KCBD-TV, Lubbock, TX; WALB-TV, Albany, GA; WLOX-TV, Biloxi, MI; KPLC-TV, Lake Charles, LA; and KAIT-TV, Jonesboro, AK.
The sale still must be approved by regulators and Liberty shareholders. The companies predicted that the deal will close by Dec. 31. The merged operations will be headquartered in Montgomery.