Liberty Shares Surge After Buyout Announcement

Aug 26, 2005  •  Post A Comment

Shares in station group Liberty Corp. surged more than 26 percent Friday after the company announced Thursday that it was being sold to privately held station owner Raycom Media for $987 million.

News of the Liberty deal had a varied impact on other station groups, with several, including Nexstar Broadcasting, Young Broadcasting and Belo Corp., posting small stock-price gains in early trading Friday, while others, such as Hearst-Argyle Television and LIN TV, registered small declines.

By late morning, Liberty’s shares were trading at around $47.35 a share, up nearly $10 from Thursday’s close, and the exact per-share price that Raycom agreed to pay to purchase Liberty.