Announcement from the Liberty Corporation.Entertainment Editors/Business Editors GREENVILLE, S.C.--(BUSINESS WIRE)--Nov. 17, 2003 The Liberty Corp. (NYSE NYSE See: New York Stock Exchange :LC) announced today that it is negotiating and anticipates entering into a series of agreements with GNS GNS GEOnet Names Server (NIMA) GNS Global Network Services (INMARSAT) GNS Guinea Franc GNS Get Nearest Server (component of IPX and SAP) GNS Global Navigation System Media Evansville, Inc. ("GNS"). GNS is currently awaiting FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval to purchase WTVW-TV, the FOX affiliate for Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. . Liberty owns and operates WFIE-TV, the NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. affiliate in the same market. These agreements between Liberty and GNS will be consummated upon receipt of final FCC order allowing the transfer of WTVW to GNS and the closing of GNS' acquisition of WTVW. Liberty can give no assurance that the FCC will ultimately approve the transfer of WTVW to GNS or that GNS will be able to consummate its purchase of WTVW. Under the agreements, Liberty would sell the commercial inventory and perform certain other operational functions for WTVW. GNS will program the station independently of Liberty. In addition, it is anticipated that Liberty will have an equity stake in GNS, with an option to purchase the remainder under certain terms and conditions, and will guarantee approximately $30 million to $40 million of GNS' senior indebtedness. Upon completion of the transactions, the financial results of GNS will be fully consolidated into Liberty's financial statements. The transactions are expected to close in early 2004. 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 ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. 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). The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information contained herein or in any other written or oral statements made by, or on behalf of the Company, is or may be viewed as forward-looking. The words "expect," "believe," "anticipate" or similar expressions identify forward-looking statements. Although the Company 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; and adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion