NewsChannel 11 will soon become one of 52 stations owned by Raycom Media. This comes after Liberty Corporation announced Thursday that it is merging with Raycom Media.
As part of the $987 million deal, Raycom will acquire Liberty's 15 television stations, one of which is NewsChannel 11. Employee-owned Raycom currently operates 37 stations, but the merger will boost that number to 52.
"This transaction will afford our employees the opportunity to flourish within a company dedicated to the television broadcasting business, and enable our shareholders to realize full and fair value," said Hayne Hipp, CEO for Liberty Corp.
The deal is expected to be complete by the end of the year.