1

                                    FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

(Mark One)

[x]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended March 31, 2001
                                        --------------

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the transition period from _____________ to _______________

                          Commission File Number 1-5846
                                                 ------

                             THE LIBERTY CORPORATION
                             -----------------------
             (Exact name of registrant as specified in its charter)

    South Carolina                                           57-0507055
    (State or other jurisdiction of                          (IRS Employer
    incorporation or organization)                           identification No.)

        Post Office Box 789, Wade Hampton Boulevard, Greenville, SC 29602
        -----------------------------------------------------------------
                    (Address of principal executive offices)

        Registrant's telephone number, including area code: 864/609-8256
                                                            ------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock as of the latest practicable date.

                                                  Number of shares Outstanding
Title of each class                                  as of March  31, 2001
-------------------                               ----------------------------

Common Stock                                               19,739,662



   2

                                 PART I, ITEM 1
                    THE LIBERTY CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED AND CONDENSED BALANCE SHEETS




(In 000's)
                                                                                   MARCH 31,             December 31,
                                                                                      2001                   2000
                                                                               -------------------     -----------------
                                                                                                 
ASSETS                                                                            (Unaudited)

Current assets:
  Cash and cash equivalents                                                    $         20,209        $        149,003
  Receivables (net of allowance for doubtful accounts)                                   34,564                  40,561
  Program rights                                                                          3,761                   5,561
  Prepaid and other current assets                                                        3,409                  46,194
  Deferred income taxes                                                                  12,478                  15,109
                                                                               -------------------     -----------------
     Total  current assets                                                               74,421                 256,428

Property plant and equipment
  Land                                                                                    5,494                   5,494
  Buildings and improvements                                                             34,030                  33,152
  Furniture and equipment                                                               150,608                 149,784
  Less: Accumulated depreciation                                                       (102,789)                (99,389)
                                                                               -------------------     -----------------
                                                                                         87,343                  89,041

Intangibles (net of accumulated amortization)                                           498,669                 501,693
Investments and other assets                                                             46,501                  48,845
                                                                               -------------------     -----------------
       Total assets                                                            $        706,934        $        896,007
                                                                               ===================     =================

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses                                        $         17,943        $         68,517
  Program contract obligations                                                            3,726                   5,578
  Accrued income taxes                                                                    2,591                 138,297
                                                                               -------------------     -----------------
     Total current liabilities                                                           24,260                 212,392

Deferred income taxes                                                                    91,279                  92,797
Other liabilities                                                                         8,388                   9,825
                                                                               -------------------     -----------------
Total liabilities                                                                       123,927                 315,014
                                                                               -------------------     -----------------

Shareholders' equity
 Common stock                                                                           105,811                  99,033
 Unearned stock compensation                                                             (4,370)                     --
 Retained earnings                                                                      481,249                 481,270
 Accumulated other comprehensive income (loss)                                              317                     690
                                                                               -------------------     -----------------
     Total shareholders' equity                                                         583,007                 580,993
                                                                               -------------------     -----------------
       Total liabilities and shareholders' equity                              $        706,934        $        896,007
                                                                               ===================     =================


See Notes to Consolidated and Condensed Financial Statements.


                                       2
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                    THE LIBERTY CORPORATION AND SUBSIDIARIES
               CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS




                                                                       Three Months ended
                                                                           March 31,
                                                                  -----------------------------
(In 000's, except per share data)                                     2001            2000
                                                                  -------------    ------------
                                                                             
                                                                          (Unaudited)

REVENUES
 Station revenues (net of commissions)                            $    39,510      $    33,996
 Cable advertising (net of commissions) and other revenues              2,655            2,963
                                                                  -------------    ------------
   NET REVENUES                                                        42,165           36,959

EXPENSES
Operating expenses                                                     25,775           21,867
Amortization of program rights                                          1,960            1,522
Depreciation and amortization of intangibles                            7,852            4,659
Corporate, general, and administrative expenses                         2,882            2,687
                                                                  -------------    ------------
   TOTAL OPERATING EXPENSES                                            38,469           30,735

       OPERATING INCOME                                                 3,696            6,224

Net investment income                                                   3,228           10,732
Interest expense                                                           --            3,495
                                                                  -------------    ------------
       INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES            6,924           13,461

Provision for income taxes                                              2,631            5,574
                                                                  -------------    ------------
       INCOME FROM CONTINUING OPERATIONS                                4,293            7,887

Income from discontinued operations (net of taxes)                         --            7,510
                                                                  -------------    ------------

      NET INCOME                                                  $     4,293      $    15,397
                                                                  =============    ============


EARNINGS PER SHARE:
Basic earnings per common share from continuing operations              $0.22            $0.40
Basic earnings per common share from discontinued operations              --              0.39
                                                                  -------------    ------------
Basic earnings per common share                                         $0.22            $0.79

Diluted earnings per common share from continuing operations            $0.22            $0.40
Diluted earnings per common share from discontinued operations            --              0.38
                                                                  -------------    ------------
Diluted earnings per common share                                       $0.22            $0.78


Dividends Per Common Share                                              $0.22            $0.22


See Notes to Consolidated and Condensed Financial Statements.


                                       3
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                    THE LIBERTY CORPORATION AND SUBSIDIARIES
               CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS




                                                                                         Three Months Ended March 31,
                                                                                   -----------------------------------------
(In 000's)                                                                                2001                  2000
                                                                                   -----------------------------------------
                                                                                                    
                                                                                                  (Unaudited)
OPERATING ACTIVITIES
Income from continuing operations                                                  $          4,293       $       7,887
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
     Loss (Gain) on sale of operating assets                                                     78                  --
     Realized investment (gains) losses                                                         371              (8,541)
     Depreciation                                                                             4,178               2,920
     Amortization of intangibles                                                              3,674               1,739
     Amortization of program rights                                                           1,960               1,522
     Cash paid for program rights                                                            (1,952)             (1,377)
     Provision for deferred income taxes                                                      1,113                 323
Changes in operating assets and liabilities:
     Receivables                                                                              5,997               3,097
     Other assets                                                                            44,921              10,398
     Accounts payable and accrued expenses                                                  (50,574)             (1,914)
     Accrued taxes                                                                         (135,706)              2,960
     Other liabilities                                                                       (1,437)             (9,194)
     All other operating activities, net                                                       (736)                527
     Net cash (used in) provided by operating activities of discontinued operations              --              (1,135)
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                        (123,820)              9,212

INVESTMENT ACTIVITIES
Purchase of property and equipment                                                           (2,542)             (2,738)
Net cash paid for purchase of television stations                                                --             (59,782)
Investment securities sold                                                                       --              11,231
Investment securities acquired                                                                   --                (476)
Proceeds from sale of investment properties                                                     164               1,750
Other (net)                                                                                    (615)                 --
Net cash provided by (used in) investing activities of discontinued operations                   --               1,264
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                                          (2,993)            (48,751)

FINANCING ACTIVITIES
Proceeds from borrowings                                                                         --             809,500
Principal payments on debt                                                                       --            (759,000)
Dividends paid                                                                               (4,314)             (4,448)
Stock issued for employee benefit and compensation programs                                   2,882                 145
Repurchase of common stock                                                                     (549)            (10,428)
Net cash provided by financing activities of discontinued operations                             --               8,016
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY(USED IN) FINANCING ACTIVITIES                                           (1,981)             43,785

(DECREASE) INCREASE  IN CASH                                                               (128,794)              4,246
Cash at beginning of period                                                                 149,003              11,892
                                                                                   -------------------    ------------------
CASH AT END OF PERIOD                                                              $         20,209       $      16,138
                                                                                   ===================    ==================


See Notes to Consolidated and Condensed Financial Statements.


                                       4
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                    THE LIBERTY CORPORATION AND SUBSIDIARIES
            NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (Unaudited)


1.    BASIS OF PRESENTATION

      The accompanying unaudited consolidated and condensed financial statements
      of The Liberty Corporation and Subsidiaries have been prepared in
      accordance with generally accepted accounting principles for interim
      financial information and with the instructions to Form 10-Q and Article
      10 of Regulation S-X. Accordingly, they do not include all of the
      information and footnotes required by generally accepted accounting
      principles for complete financial statements. The information included is
      not necessarily indicative of the annual results that may be expected for
      the year ended December 31, 2001, but it does reflect all adjustments
      (which are of a normal and recurring nature) considered, in the opinion of
      management, necessary for a fair presentation of the results for the
      interim periods presented. The December 31, 2000 financial information was
      derived from the Company's previously filed 2000 Form 10-K. For further
      information, refer to the consolidated financial statements and footnotes
      thereto included in The Liberty Corporation annual report on Form 10-K for
      the year ended December 31, 2000.

      Prior to September 29, 2000 the Company was engaged in the insurance
      industry. On September 29, 2000 the Company's shareholders approved the
      sale of the Company's insurance operations to the Royal Bank of Canada for
      $648 million. The sale closed on November 1, 2000. Accordingly, these
      entities have been treated as discontinued operations in the accompanying
      financial statements (see Note 5 below).

2.    STATION ACQUISITIONS

      On February 29, 2000 the Company completed the acquisition of KCBD, the
      NBC affiliate in Lubbock, TX in a cash transaction for $59.8 million. The
      transaction was accounted for as a purchase, and accordingly, its results
      of operations are included in the accompanying financial statements since
      the date of acquisition. This purchase was funded using proceeds from the
      Company's credit facility.

      On December 1, 2000, the Company completed its acquisition of Civic
      Communications. The agreed upon purchase price for all of the outstanding
      common stock of Civic Communications was $204 million. At the time of the
      closing, the Company agreed to pay a portion of the purchase price at a
      future date. During the first quarter of 2001 the Company remitted this
      unpaid purchase price to the Civic Communications stockholders. The
      Company used proceeds from the sale of its insurance operations to fund
      the transaction. Civic Communications owned and operated WLBT-TV, the NBC
      affiliate in Jackson, MS, KLTV-TV, the ABC affiliate in Tyler, TX, and
      KTRE-TV, the satellite affiliate of KLTV in Lufkin, TX.


                                       5
   6

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued


3.    REDEMPTION OF 1995-A SERIES PREFERRED STOCK

      On August 25, 2000 the Company completed the redemption of all of the
      outstanding shares of its Series 1995-A Cumulative Convertible Preferred
      Stock. Shares were called for redemption at $35.00 per share plus accrued
      dividends for the period from July 1, 2000 through the redemption date
      (September 5, 2000). Prior to the redemption date, all shares of the
      1995-A Series were converted in to common stock.

4.    COMPREHENSIVE INCOME

      The components of comprehensive income, net of related income taxes, for
      the three-month periods ended March 31, 2001 and 2000, respectively, are
      as follows:


                                                       THREE MONTHS ENDED
         (In 000's)                                         MARCH 31,
                                                     ------------------------
                                                         2001      2000
                                                     ------------- ----------

         Net Income                                      $4,293    $ 15,397
         Unrealized gains / (losses) on securities         (373)       (667)
                                                     ------------- ----------
         Comprehensive income (loss)                     $3,920    $ 14,730
                                                     ============= ==========


5.    DISCONTINUED OPERATIONS

      On June 19, 2000, the Company entered into a Purchase Agreement (the
      "Purchase Agreement") with Royal Bank of Canada ("RBC"), a
      Canadian-chartered bank, pursuant to which RBC was to acquire from the
      Company all of the issued and outstanding shares of capital stock of
      Liberty Life Insurance Company, Liberty Insurance Services Corporation,
      The Liberty Marketing Corporation, LC Insurance Limited and Liberty
      Capital Advisors, Inc., for a total of approximately $648 million,
      consisting of a dividend from Liberty Life Insurance Company of up to $70
      million and the balance in cash from Royal Bank of Canada. On September
      29, 2000 the shareholders of the Company approved the purchase agreement
      described above. Accordingly, these entities have been treated as
      discontinued operations in the accompanying financial statements. The
      transaction closed on November 1, 2000 with Liberty receiving $567.6
      million in net cash proceeds and approximately $16 million in non-cash
      assets.


                                       6
   7

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued


      Summarized disclosure of the Company's discontinued operations is as
      follows:

                                                                  THREE
                                                                  MONTHS
                                                                  ENDED
                                                                 MARCH 31,
                                                                   2000
                                                              --------------

         Revenues                                             $    91,846
         Expenses                                                  81,921
                                                              --------------
         Income before taxes from discontinued operations           9,925
         Income taxes                                               2,415
                                                              --------------
         Income from discontinued operations                  $     7,510
                                                              ==============

6.    SEGMENT REPORTING

      The Company operates primarily in the television broadcasting and cable
      advertising businesses. The Company currently owns and operates fifteen
      television stations, located principally in the Southeast and Midwest.
      Each of the stations is affiliated with a major network, with eight NBC
      affiliates, five ABC affiliates, and two CBS affiliates. The Company
      evaluates segment performance based on operating income, excluding unusual
      or non-operating items.

      The following tables summarize financial information for continuing
      operations by segment for the three-month periods ended March 31, 2001 and
      2000:



                                                                            THREE MONTHS ENDED
                                                                                 MARCH 31,
                                                                       ---------------------------
                                                                          2001            2000
                                                                       ------------    -----------
                                                                                 
         REVENUE
            Broadcasting                                               $    39,510     $ 33,996
            Cable advertising                                                2,214        2,485
            Corporate and other                                                441          478
                                                                       ------------    -----------
         TOTAL REVENUE                                                 $    42,165     $ 36,959
                                                                       ============    ===========

         INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
            Broadcasting                                               $     6,997     $  9,349
            Cable advertising                                                 (404)          94
            Corporate and other                                             (2,897)      (3,219)
                                                                       ------------    -----------
         TOTAL INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES   $     3,696     $  6,224
                                                                       ============    ===========


      There were no material changes in assets by segment from those disclosed
      in the Company's 2000 annual report, other than for the corporate and
      other segment. The corporate and other segment used its cash balances to
      pay approximately $135 million of income taxes during the first quarter of
      2001. It also remitted the $43.2 million of unpaid purchase price
      (included in prepaid and other current assets on the December 31, 2000
      balance sheet) that had been held in trust for the Civic Communications
      stockholders (see Note 2).


                                       7
   8

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued


7.    EARNINGS PER SHARE

      The calculation of basic and diluted earnings per common share from
      continuing operations is as follows:



                                                                                 THREE MONTHS ENDED
        (In 000's except per share data)                                              MARCH 31,
                                                                            -----------------------------
                                                                               2001            2000
                                                                            -----------    --------------
                                                                                     
                                                                                    (Unaudited)
         NUMERATOR - EARNINGS:

         Income from continuing operations                                  $    4,293     $    7,887
         Preferred dividends                                                        --           (185)
                                                                            -----------    --------------
         Numerator for basic earnings per common share from continuing
              operations                                                    $    4,293     $    7,702
         Effect of dilutive securities                                              --            185
                                                                            -----------    --------------
         Numerator for diluted earnings per common share from continuing
              operations                                                    $    4,293     $    7,887
                                                                            ===========    ==============

         DENOMINATOR - AVERAGE SHARES OUTSTANDING:

         Denominator for basic earnings per common share from continuing
              operations - weighted average shares                              19,572         19,210

         Effect of dilutive securities:
                 Preferred stock                                                    --            423
              Stock options                                                         55            138
                                                                            -----------    --------------
         Denominator for diluted earnings per common share from
              continuing operations                                             19,627         19,771
                                                                            ===========    ==============

         Basic earnings per common share from continuing operations              $0.22          $0.40
         Diluted earnings per common share from continuing operations            $0.22          $0.40



8.    CREDIT FACILITY

      On March 21, 2001, the Company entered into a $100 million unsecured
      364-day revolving credit facility with a bank. At the end of the term of
      the facility any outstanding principal and interest will come due, unless
      the bank, in its sole discretion, otherwise extends the facility. No draws
      were made on this line of credit during the first quarter of 2001.


9.    RECLASSIFICATIONS

      Certain reclassifications have been made in the previously reported
      financial statements to make the prior year amounts comparable to those of
      the current year.


                                       8
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                                 PART I, ITEM 2
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  RESULTS OF OPERATIONS AND FINANCIAL CONDITION
                                   (Unaudited)

The Liberty Corporation is a holding company with operations primarily in the
television broadcasting industry. The Company's television broadcasting
subsidiary, Cosmos Broadcasting, consists of fifteen network-affiliated stations
located in the Southeast and Midwest, a cable advertising company, a video
production company and a professional broadcast equipment dealership. Eight of
the Company's television stations are affiliated with NBC, five with ABC, and
two with CBS.

Prior to September 29, 2000 the Company was also engaged in the insurance
industry. On September 29, 2000 the Company's shareholders approved the sale of
the Company's insurance operations to the Royal Bank of Canada for $648 million.
The sale closed on November 1, 2000. Accordingly, these entities have been
treated as discontinued operations in the accompanying financial statements (see
Note 5 of the Consolidated and Condensed Financial Statements).


SIGNIFICANT TRANSACTIONS AFFECTING COMPARABILITY BETWEEN PERIODS

On February 29, 2000 the Company completed the acquisition of KCBD, the NBC
affiliate in Lubbock, TX in a cash transaction for $59.8 million. The
transaction was accounted for as a purchase, and accordingly, its results of
operations are included in the accompanying financial statements since the date
of acquisition. This purchase was funded using proceeds from the Company's
credit facility.

On August 25, 2000 the Company completed the redemption of all of the
outstanding shares of its Series 1995-A Cumulative Convertible Preferred Stock.
Shares were called for redemption at $35.00 per share plus accrued dividends for
the period from July 1, 2000 through the Series 1995-A redemption date
(September 5, 2000). Prior to the redemption date, all shares of the 1995-A
Series were converted in to common stock.

On November 1, 2000, using proceeds from the sale of its insurance operations,
the Company repaid its revolving credit facility in full.

On December 1, 2000, the Company completed its acquisition of Civic
Communications. The agreed upon purchase price for all of the outstanding common
stock of Civic Communications was $204 million. The Company used proceeds from
the sale of its insurance operations to fund the transaction. Civic
Communications owned and operated WLBT-TV, the NBC affiliate in Jackson, MS,
KLTV-TV, the ABC affiliate in Tyler, TX, and KTRE-TV, the satellite affiliate of
KLTV in Lufkin, TX.


                                       9
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RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000

Net revenues were $42.2 million for the first quarter of 2001, an increase of
$5.2 million over the $37.0 million reported for the first quarter of 2000. On a
pro forma basis (as if the Company had held all of its current stations for the
full twelve months of 2000) station net revenue was down 6%, primarily as a
result of the absence of political spending in 2001 as it is an off year in the
election cycle. Local and national revenue, again on a pro forma basis, were
each down 3% due to a soft advertising market.

Operating expenses were $27.7 million for the first quarter of 2001, an increase
of $4.3 million over the $23.4 million reported for the first quarter of 2000.
The increase in operating expense is attributable to the Company's acquisition
of four television stations during 2000. On a pro forma basis, operating
expenses decreased 2%.

Depreciation and amortization expense was $7.9 million for the first quarter of
2001, an increase of $3.2 million over the $4.7 million reported for the first
quarter of 2000. The increase in depreciation and amortization expense is
attributable to the Company's station acquisitions completed during 2000.

Corporate, general, and administrative expenses were $2.9 million for the first
quarter of 2001, an increase of $0.2 million over the $2.7 million reported for
the first quarter of 2000.

Net investment income was $3.2 million for the first quarter of 2001, a decrease
of $7.5 million from the $10.7 million reported for the first quarter of 2000.
The majority of the investment income in the first quarter of 2001 related to
interest earned on the Company's cash balances. The majority of the investment
income in the first quarter of 2000 was due to realized gains in the Company's
equity portfolio.

The Company incurred no interest expense during the first quarter of 2001 as it
repaid its credit facility in full during the fourth quarter of 2000 using the
proceeds from the sale of its insurance operations. The Company reported $3.5
million of interest expense during the first quarter of 2000.

CASH FLOW INFORMATION
                                    THREE MONTHS ENDED MARCH 31
                                   ------------------------------
                                      2001                2000
                                   ----------          ----------
Operating income                     $ 3,696             $ 6,224
One time charges(1)                       --                 204
                                   ----------          ----------
ADJUSTED OPERATING INCOME              3,696               6,428
Add:
Depreciation and amortization          7,852               4,659
Non-cash compensation                     76                 319
                                   ----------          ----------
OPERATING CASH FLOW                   11,624              11,406
Corporate cash expenses                2,805               2,370
                                   ----------          ----------
BROADCAST CASH FLOW                  $14,429             $13,776
                                   ==========          ==========

(1) Adjusted to exclude charges in 2000 related to the phase-out and winding up
of the Company's direct mail operations

Broadcast cash flow was $14.4 million for the first quarter of 2001, compared
with $13.8 million for the prior-year first quarter.


                                       10
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                                 Management's Discussions and Analysis continued


The Company has included operating cash flow and broadcast cash flow data
because management believes that such data are commonly used as measures of
performance among companies in the broadcast industry. The Company also believes
that these measures are frequently used by investors, analysts, valuation firms,
and lenders as some of the important determinants of underlying asset value.
Operating cash flow and broadcast cash flow should not be considered in
isolation, or as alternatives to operating income (as determined in accordance
with generally accepted accounting principles) as an indicator of the entity's
operating performance, or to cash flow from operating activities (as determined
in accordance with generally accepted accounting principles) as a measure of
liquidity. These measures are believed to be, but may not be, comparable to
similarly titled measures used by other companies.

CAPITAL, FINANCING AND LIQUIDITY

The Company's short-term cash needs consist primarily of working capital
requirements, and dividends to shareholders. Historically, Liberty's operations
have provided sufficient liquidity for the operations of the Company.

The Company's primary long-term cash needs are the possible need for capital
should the Company identify an appropriate acquisition opportunity, and the
expenditures associated with implementing high definition television broadcast
operations. While exact costs are not presently known, the additional capital
expenditures required over the next several years to comply with the FCC high
definition television implementation deadline are expected to be material.

On March 21, 2001, the Company executed a $100 million unsecured 364-day
revolving credit facility with a bank. At the end of the term of the facility
any outstanding principal and interest will come due, unless the bank, in its
sole discretion, otherwise extends the facility. At March 31, 2001 the Company
had no outstanding draws against this revolving credit facility.

The Company believes that its current level of cash, expected future cash flows
from operations, and the credit facility are sufficient to meet the cash needs
of its business. If suitable opportunities arise for additional acquisitions,
the Company believes it can arrange for additional debt financing or use Common
Stock or Preferred Stock as payment for all or part of the consideration for
such acquisitions; or the it may seek additional funds in the equity or debt
markets.

CASH FLOWS

The Company's net cash used in operating activities was $123.8 million for the
first quarter of 2001 compared to cash provided by operating activities of $9.2
million for the same period of 2000. The decrease in cash provided by operating
activities is attributable to the $135 million of taxes related to the sale of
the Company's insurance operations that were remitted to taxing authorities
during the first quarter of 2001. Excluding these payments, cash provided by
operating activities was $11.2 million. The Company's net cash used in investing
activities was $3.0 million for the first quarter of 2001, as compared to $48.8
million for the same period of 2000. The decrease in net cash used in investing
activities is attributable to the acquisition of KCBD during the first quarter
of 2000 with no corresponding acquisitions during the first quarter of 2001. Net
cash used in financing activities for the first quarter of 2001 was $2.0 million
compared to net cash provided by financing activities of $43.8 million for the
first quarter of 2000. The decrease in net cash provided by financing activities
is attributable to the acquisition of KCBD during the first quarter of 2000,
which was financed with funds from the Company's credit facility, with no
corresponding draws during the first quarter of 2001.


                                       11
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ACCOUNTING DEVELOPMENTS

In June, 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities". This standard was originally required to be adopted in
years beginning after June 15, 1999 (which date was subsequently amended to
January 1, 2001). The Statement will require the Company to recognize all
derivatives on the balance sheet at fair value. Derivatives that are not hedges
must be adjusted to fair value through income. If the derivative is a hedge,
depending on the nature of the hedge, changes in the fair value of the
derivatives will be either offset against the change in fair value of the hedged
assets, liabilities or firm commitments through earnings or recognized in other
comprehensive income until the hedged item is recognized in earnings. The
ineffective portion of a derivative's change in fair value will be immediately
recognized in earnings. The Company's use of derivatives has historically been
limited to fixing the cost of borrowings on a portion of the outstanding debt.
The Company adopted the standard as of January 1, 2001. Currently the Company
does not believe the effect of Statement 133 will be material to the earnings
and financial position of the Company.

FORWARD LOOKING INFORMATION

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 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, increasing
competition in the Company's markets; and future regulatory actions or
conditions, effecting either the television broadcasting industry as whole or
specific to the markets the Company serves. 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.


                                       12
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PART II, ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         NONE.


PART II, ITEM 6.  EXHIBIT AND REPORTS ON FORM 8-K

      a.    A list of the exhibits filed with this report is included in the
            Index to Exhibits filed herewith.

      b.    The Company filed a current report on Form 8-K dated February 6,
            2001 with respect to the press release announcing its fourth quarter
            and year end 2000 operating results.

      c.    The Company filed a current report on Form 8-K dated February 6,
            2001 with respect to The Liberty Corp. declaring a regular quarterly
            dividend of 22 cents per share on its common stock, payable on April
            3, 2001 to shareholders of record on March 15, 2001.




INDEX TO EXHIBITS



EXHIBIT 11  Consolidated Earnings Per Share Computation (included in Note 7 of
            Notes to Consolidated and Condensed Financial Statements)


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SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.






THE LIBERTY CORPORATION                                   Date: May 11, 2001
-----------------------
(Registrant)




/s/ Howard L. Schrott
---------------------
Howard L. Schrott
Chief Financial Officer




/s/ Martha G. Williams
----------------------
Martha G. Williams
Vice President, General Counsel and Secretary



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