<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                    FORM 10-K

(Mark One)
[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
       ACT OF 1934
       For the fiscal year ended December 31, 2000
                                 -----------------
         or
[ ]    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                       (I.R.S. Employer
   incorporation or organization)                      Identification No.)

      Post Office Box 502, Wade Hampton Boulevard, Greenville, S. C. 29602
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code (864) 609-8256
                                                           --------------

Securities registered pursuant to Section 12(b) of the Act:

<TABLE>
<CAPTION>
                                                                                   Name of Each Exchange on Which
                            Title of Each Class                                              Registered
----------------------------------------------------------------------------      ----------------------------------
<S>                                                                               <C>
Common Stock, no par value per share                                              New York Stock Exchange
Rights to Purchase Series A Participating Cumulative Preferred Stock              New York Stock Exchange
</TABLE>

     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 the
filing requirements for the past 90 days. Yes [X] No [ ]

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

     The aggregate market value of the voting stock held by non-affiliates of
the Registrant as of March 15, 2001:

                      Common Stock, No Par Value               $491,526,040
                      --------------------------               ------------

     The number of shares outstanding of each of Registrant's classes of common
stock as of March 15, 2001:

                      Common Stock, No Par Value                 19,734,662
                      --------------------------                 ----------

DOCUMENTS INCORPORATED BY REFERENCE

     Portions of The Liberty Corporation Annual Report to Shareholders for the
year ended December 31, 2000 are incorporated into Part II, Items 5, 6, 7, and 8
by reference.

    Portions of The Liberty Corporation Proxy Statement for the Annual Meeting
of Shareholders on May 8, 2001 are incorporated into Part III, Items 10, 11, 12,
and 13 by reference.

    This report is comprised of pages 1 through 42. The exhibit index is on page
17.


<PAGE>   2

                                     PART I

ITEM 1.       BUSINESS

GENERAL

     The Registrant, The Liberty Corporation ("Liberty" or "the Company") 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. The Company's
principal executive offices are in Greenville, South Carolina.

     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.

     Additional information concerning Liberty's subsidiaries and divisions is
included in "Management's Discussion and Analysis" in the Company's 2000 Annual
Report to Shareholders, which is incorporated herein by reference.

RECENT DEVELOPMENTS

     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. This purchase
was funded using proceeds from the Company's credit facility.

     On June 19, 2000, the Company entered into a 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 the companies comprising its insurance operations, for a total of
approximately $648 million, consisting of a dividend from Liberty Life Insurance
Company of up to $70.0 million and the balance in cash from Royal Bank of
Canada. On September 29, 2000 the Company's shareholders approved the purchase
agreement, and on November 1, 2000 the Company completed the sale to RBC.
Accordingly, these entities have been treated as discontinued operations in the
financial statements filed as Exhibit 13 of this report.

     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.

     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 into common stock.



                                       2
<PAGE>   3

TELEVISION BROADCASTING AND RELATED OPERATIONS

     The following table shows data on the stations owned by us as of December
31, 2000:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                                                                    NETWORK              PERCENTAGE
                                                                    CONTRACT               OF U.S.
                                      MARKET            NETWORK    EXPIRATION  STATION   TELEVISION    DATE    DATE
         MARKET           STATION     RANK(1)  CHANNEL AFFILIATION    (2)      RANK(3)  HOUSEHOLDS(4) FORMED  ACQUIRED
----------------------------------------------------------------------------------------------------------------------
<S>                       <C>            <C>      <C>      <C>        <C>          <C>     <C>        <C>      <C>
     Louisville, KY       WAVE-TV         48       3       NBC        2004         2       0.58%      1948     1981
     Toledo, OH           WTOL-TV         67      11       CBS        2003         1       0.41       1958     1965
     Columbia, SC         WIS-TV          86      10       NBC        2004         1       0.32       1953     1953
     Jackson, MS          WLBT-TV         89       3       NBC        2001         1       0.30       1953     2000
     Evansville, IN       WFIE-TV         98      14       NBC        2004         1       0.28       1953     1981
     Harlingen, TX        KGBT-TV        102       4       CBS        2003         3       0.25       1955     1998
     Tyler, TX            KLTV-TV        108       7       ABC        2002         1       0.24       1954     2000
     Lufkin, TX
     (satellite of KLTV)  KTRE-TV        108       9       ABC        2002         1       0.24       1955     2000
     Montgomery, AL       WSFA-TV        117      12       NBC        2004         1       0.23       1959     1959
     Lubbock, TX          KCBD-TV        146      11       NBC        2006         1       0.15       1953     2000
     Albany, GA           WALB-TV        149      10       NBC        2002         1       0.14       1954     1998
     Wilmington, NC       WWAY-TV        151       3       ABC        2005         2       0.14       1964     1998
     Biloxi, MS           WLOX-TV        158      13       ABC        2004         1       0.12       1962     1995
     Lake Charles, LA     KPLC-TV        173       7       NBC        2004         1       0.08       1954     1986
     Jonesboro, AK        KAIT-TV        178       8       ABC        2004         1       0.08       1963     1986
</TABLE>

(1)  Market rank is based on the relative size of the designated market areas
     among the 210 generally recognized designated market areas in the U.S.,
     based on Nielsen estimates for the 1999-2000 season.

(2)  Contracts may be subject to renewal provisions that effectively extend the
     expiration date.

(3)  Station rank in its market area based on Nielsen November 2000 ratings
     (from sign-on to sign-off).

(4)  Based on Nielsen estimates for the 1999-2000 season.

     The Company currently owns and operates fifteen network-affiliated
television stations in the Southeast and Midwest, fourteen of which were ranked
No. 1 or No. 2 in their markets by the November 2000 Nielsen ratings from
sign-on to sign-off. Eight of its stations are affiliated with NBC, five with
ABC, and two with CBS. The fifteen stations cover approximately 3.30% of U.S.
households.

     All of the Company's stations are located in geographically diverse and
growing markets. Fourteen of the fifteen stations are located in university
centers. Many of the stations are also located in markets that are home to a
mixture of large manufacturing plants, state capitals, transportation hubs and
United States military bases.

     The fifteen stations operate in designated market areas ranked 48 to 179.
None of the TV markets represented more than 15% of the revenues or 14% of
broadcast cash flow for the fiscal year ending December 31, 2000. The Company
believes that it generates one of the best broadcast cash flow per households
covered ratios of any broadcast group in the industry. It also believes that
thirteen of the fifteen stations generate substantially greater broadcast cash
flow and earnings than the average station of comparable market size.

      The Company also operates a cable advertising company, CableVantage Inc.,
through which it represents seventeen independent cable operators that, in
combination, reach nearly one half million subscribers.

NETWORK AFFILIATIONS

     Each of the stations is affiliated with a major network. The affiliation
contracts provide that the network will offer to the affiliated station a
variety of network programs, for which the station has the right of first
refusal against any other television station located in its community. The
network typically retains the rights to sell a substantial majority of the
advertising time during such broadcasts. For airing network programming the
network pays the



                                       3
<PAGE>   4

stations according to terms in its network affiliation contract. This is called
network compensation. The major networks typically provide programming for
approximately 90 hours of the average 135 hours per week broadcast by their
affiliated stations.

     The NBC affiliation contracts with each of the NBC affiliated stations have
been continuously in effect with each of those stations for over forty years.
The CBS and ABC affiliation contracts have each been continuously in effect for
over thirty years.

     Each network has the right to terminate its affiliation agreement in the
event of a material breach of such agreement by a station and in certain other
circumstances. The Company is currently negotiating its network affiliation
contracts. At this time it is not known what the exact outcome of these
negotiations will be, however the Company does expect a reduction, to be
implemented over a period of years, in the amount of network compensation that
it is to receive from NBC. In 1998 the Company signed an agreement whereby the
compensation that it was to receive for its two CBS stations was to be reduced
over a four-year period. The Company is in the third year of this agreement.

SOURCES OF TELEVISION OPERATING REVENUES.

The following table shows the approximate percentage of Cosmos' gross television
station revenues by source for the three years ended December 31, 2000:

------------------------------------------------------------------------
                                             2000     1999      1998

Local and regional advertising                56%      57%       55%
National spot advertising                     29       31        28
Network compensation                           5        7         7
Political advertising                          8        3         8
Other                                          2        2         2
------------------------------------------------------------------------

     Local and regional advertising is sold by each station's own sales
representatives to local and other non-national advertisers or agencies.
Generally these contracts are short-term, although occasionally longer-term
packages will be sold. National spot advertising (generally a series of spot
announcements between programs or within the station's own programs) is sold by
the station or its sales representatives directly to agencies representing
national advertisers. Most of these national sales contracts are also
short-term, often covering spot campaigns running for thirteen weeks or less.
Network compensation is the amount paid by the network to its affiliated
stations for broadcasting network programs. Political advertising is generated
by national and local elections, which can vary greatly from both market to
market and year to year.

     A television station's rates are primarily determined by the estimated
number of television homes it can provide for an advertiser's message. The
estimates of the total number of television homes in a market and of the
station's share of those homes is based on the Nielsen industry-wide television
rating service. The demographic make-up of the viewing audience is equally
important to advertisers. A station's rate card for national and local
advertisers takes into account, in addition to audience delivered, such
variables as the length of the commercial announcements and the quantity
purchased. Because television stations rely on advertising revenues, they are
sensitive to cyclical changes in the national and local economy. The size of
advertisers' budgets, which are affected by broad economic trends, affect the
broadcast industry in general. The strength of the local economy in each
station's market also significantly impacts revenues. The advertising revenues
of the stations are generally highest in the second and fourth quarters of each
year, due in part to increases in consumer advertising in the spring and retail
advertising in the period leading up to and including the holiday season.
Additionally, advertising revenues in even-numbered years can benefit from
demand for advertising time in Olympic broadcasts and advertising placed by
candidates for political offices. A station's local market strength, especially
in local news ratings, is the primary factor that buyers use when placing
political advertising. From time to time, proposals have been advanced in
Congress to require television broadcast stations to provide some advertising
time to political candidates at no charge, which would potentially reduce
advertising revenues from political candidates.


                                       4
<PAGE>   5

     The Company also has ancillary operations in cable advertising sales and
video production. Revenues from these operations amount to $12.5 million, $10.0
million and $7.5 million for calendar years 2000, 1999 and 1998, respectively.
The cable advertising sales are generated by CableVantage Inc., a marketing
company designed to assist local cable operators in the sale of commercial time
available in cable network programs. CableVantage was formed in 1994 to create
business opportunities with cable operators and build revenues from programs and
services specifically produced for cable.

COMPETITION

     The television broadcasting industry competes with other leisure time
activities for the time of viewers and with all other advertising media for
advertising dollars. Within its coverage area, a television station competes
with other stations and with other advertising media serving the same area. The
outcome of the competition among stations for advertising dollars in a market
depends principally on share of audience, advertising rates and the
effectiveness of the sales effort.

     The stations compete for television viewers against other local network
affiliated and independent stations, as well as against cable and alternate
methods of television transmission. The primary basis of this competition is
program popularity. A majority of daily programming is supplied by the network
with which each station is affiliated. In time periods in which the network
provides programming, stations are primarily dependent upon the performance of
the network programs in attracting viewers. Stations compete in non-network time
periods based on the performance of its programming during such time periods,
using a combination of self-produced news, public affairs and other
entertainment programming, including syndicated programs, that the station
believes will be attractive to viewers. The Company believes that the stations
have strong competitive positions in their local markets, enabling them to
deliver a high percentage of the local television audience to advertisers. The
Company's commitment to local news programming is an important element in
maintaining its current market positions.

     The competition includes cable television, which brings additional
television programming, including pay cable (HBO, Showtime, Movie Channel,
etc.), into subscribers' homes in a television station's service area. Other
sources of competition include home entertainment systems (including video
cassette recorder and playback systems, videodiscs and television game devices),
the Internet, multichannel multipoint distribution systems, wireless cable,
satellite master antenna television systems and some low power in-home satellite
services. Stations also face competition from high-powered direct broadcast
satellite services, such as PrimeStar and DIRECTV, which transmit programming
directly to homes equipped with special receiving antennas. Stations compete
with these services both on the basis of service and product performance
(quality of reception and number of channels that may be offered) and price (the
relative cost to utilize these systems compared to broadcast television
viewing).

     Further advances in technology and further consolidation in the broadcast
industry may increase competition for household audiences and advertisers. Video
compression techniques, now in use with direct broadcast satellites and in
development for cable and wireless cable, are expected to permit greater numbers
of channels to be carried within existing bandwidth. These technological
developments, which are applicable to all video delivery systems including
over-the-air broadcasting, have the potential to allow additional programming to
highly targeted audiences. The ability to reach narrowly defined audiences may
further fragment viewers and influence advertising spending. The television
broadcasting industry is continually faced with such technological change and
innovation. The Company is unable to predict the effect that technological
changes will have on the broadcast television industry in general, or more
specifically to its own operations. Consolidation in the broadcast television
industry introduces new, large competitors. Many of the current and potential
competitors have greater financial, marketing, programming and broadcasting
resources than us. The Company plans to meet the challenge of a consolidating
industry by continuing its growth strategy and pursuing new synergistic
opportunities.

MANDATED CONVERSION TO DIGITAL TECHNOLOGY

     In accordance with FCC regulations, all station affiliates of ABC, CBS and
NBC in the top ten designated market areas were required to transmit a digital
signal by May 1, 1999. Affiliates of those networks in designated market areas
ranked eleven through thirty were required to transmit a digital signal by
November 1, 1999. All remaining commercial broadcasters will be required to
transmit a digital signal by May 1, 2002. However, Congress has approved two
six-month extensions if a station is able to show "cause", effectively
postponing the deadline to May 1, 2003. The Company is not actively seeking to
be the first in its markets to offer digital television, but rather the Company
intends to benefit from the learning of early adapters and to take advantage of
lower equipment costs later in the process. It intends to choose the digital
technology format that best combines quality for consumers with feasible
business applications.



                                       5
<PAGE>   6

          As it develops the digital technology, given its dominant presence in
its markets, the Company believes it will be attractively positioned as a
potential partner for new digital or data stream businesses that wish to develop
in its markets. The Company has thus far invested $1.0 million in preparation
for the transition to digital television, and estimates that an additional $25
to $35 million may be required over the next two to three years for towers,
antenna systems, transmitters, and transmitter buildings. This investment will
establish basic digital television pass through at our fifteen stations,
including simulcasting existing analog programming. It is anticipated that an
additional $13 million above normal recurring capital expenditures will be spent
over the next five years to enable the existing fifteen stations to convert
their news gathering, news production, and other programming equipment to full
digital.

FEDERAL REGULATION OF BROADCASTING

     The following is a brief discussion of certain provisions of the
Communications Act of 1934, as amended (the "Communications Act"), and of FCC
regulations and policies that affect the business operations of the Company.
Reference should be made to the Communications Act, FCC rules and the public
notices and rulings of the FCC, on which this discussion is based, for further
information concerning the nature and extent of FCC regulation of television
broadcasting stations.

     FCC REGULATION. The ownership, operation and sale of television stations,
are subject to the jurisdiction of the FCC by authority granted it under the
Communications Act. The FCC has the power to impose penalties, including fines
or license revocations, upon a licensee of a television station for violations
of the FCC's rules and regulations. Matters subject to FCC oversight include,
but are not limited to:

     o    the assignment of frequency bands of broadcast television;

     o    the approval of a television station's frequency, location and
          operating power;

     o    the issuance, renewal, revocation or modification of a television
          station's FCC license;

     o    the approval of changes in the ownership or control of a television
          station's licensee;

     o    the regulation of equipment used by television stations; and

     o    the adoption and implementation of regulations and policies concerning
          the ownership and operation of television stations.

     LICENSE RENEWAL, ASSIGNMENTS AND TRANSFERS. Television broadcast licenses
are granted for a maximum term of eight years (five years prior to 1996) and are
subject to renewal upon application to the FCC. The FCC prohibits the assignment
of a license or the transfer of control of a broadcasting licensee without prior
FCC approval. In determining whether to grant or renew a broadcasting license,
the FCC considers a number of factors pertaining to the applicant, including
compliance with a variety of ownership limitations and compliance with character
and technical standards. During certain limited periods when a renewal
application is pending, petitions to deny a license renewal may be filed by
interested parties, including members of the public. Such petitions may raise
various issues before the FCC. The FCC is required to hold evidentiary,
trial-type hearings on renewal applications if a petition to deny renewal of
such license raises a "substantial and material question of fact" as to whether
the grant of the renewal application would be inconsistent with public interest,
convenience and necessity. The FCC must grant the renewal application if, after
notice and opportunity for a hearing, it finds that the incumbent has served the
public interest and has not committed any serious violation of FCC requirements.
If the incumbent fails to meet that standard, and if it does not show other
mitigating factors warranting a lesser sanction, the FCC has authority to deny
the renewal application and consider a competing application.

     The renewal applications have always been granted without hearing for the
full term. To date the loosening of the ownership provisions, as well as the
other provisions included in the 1996 Act, have not had any significant direct
impact on the Company's operations.

     MULTIPLE AND CROSS-OWNERSHIP RULES. On a national level, the FCC rules
generally prevent an entity or individual from having an attributable interest
in television stations with an aggregate audience reach in excess of 35% of all
U.S. households. On a local level, the "duopoly" rule prohibits or restricts
attributable interests in two or more television stations with overlapping
service areas and the "one-to-a-market" rule restricts such interests in
television and radio stations serving the same market. The FCC has recently
relaxed the "duopoly" rule to allow broadcasters to own, under certain
circumstances, more than one television station in the same local area. The FCC
has also initiated rulemaking looking towards relaxation of the 35% aggregate
audience



                                       6
<PAGE>   7

reach rule. Additional cross-ownership restrictions generally prohibit
broadcast/daily newspaper or television/cable combinations in the same market.

     The FCC generally applies its ownership limits only to "attributable"
interests held by an individual, corporation, partnership or other association.
In the case of corporations holding broadcast licenses, the interest of
officers, directors and those who, directly or indirectly, have the right to
vote 5% or more of the corporation's voting stock (or 10% or more of such stock
in the case of insurance companies, mutual funds, bank trust departments and
certain other passive investors that are holding stock for investment purposes
only) are generally deemed to be attributable, as are positions as an officer or
director of a corporate parent of a broadcast licensee. The FCC is considering
proposals to amend the ownership attribution rules including the general
"attributable interest" threshold to 10% of the outstanding voting stock of a
broadcast licensee and increasing the threshold for passive institutional
investors to 20%.

     The FCC recently relaxed its national television station multiple ownership
rules. Specifically, a single entity may hold "attributable interests" in an
unlimited number of U.S. television stations provided that those stations
operate in markets containing cumulatively no more than 35% of the television
homes in the U.S. For this purpose, only 50% of the television households in a
market are counted towards the 35% national restriction if the owned station is
a UHF station. An FCC rulemaking is under way to address how to measure audience
reach, including the "UHF discount," as part of the FCC's biennial review of the
broadcast rules mandated by the Telecom Act. The television homes that the
stations reach is well below the 35% national limit.

     Because of these multiple and cross-ownership rules, a purchaser of the
common stock who acquires an attributable interest in the Company may violate
the FCC's rules if that purchaser also has an attributable interest in other
television or radio stations, or in daily newspapers or cable systems, depending
on the number and location of those radio or television stations or daily
newspapers or cable systems. Such a purchaser also may be restricted in the
companies in which it may invest to the extent that those investments give rise
to an attributable interest. If an attributable stockholder of the Company
violates any of these ownership rules or if a proposed acquisition by the
Company would cause such a violation, the Company may be unable to obtain from
the FCC one or more authorizations needed to conduct its television station
business and may be unable to obtain FCC consents for certain future
acquisitions.

     ALIEN OWNERSHIP. Under the Communications Act, broadcast licenses may not
be granted to or held by any corporation having more than one-fifth of its
capital stock owned of record or voted by non-U.S. citizens (including a
non-U.S. corporation), foreign governments or their representatives
(collectively, "Aliens") or having an Alien as an officer or director. The
Communications Act also prohibits a corporation, without an FCC public interest
finding, from holding a broadcast license if that corporation is controlled,
directly or indirectly, by another corporation, any officer of which is an
Alien, or more than one-fourth of the directors of which are Aliens, or more
than one-fourth of the capital stock of which is owned of record or voted by
Aliens, unless the FCC finds that such ownership would be in the public
interest. The FCC has issued interpretations of existing law under which these
restrictions in modified form apply to other forms of business organizations,
including general and limited partnerships. As a result of these provisions,
since the Company serves as a holding company for the various television station
licensee subsidiaries, it cannot have more than 25% of the capital stock owned
of record or voted by Aliens, cannot have an officer who is an Alien, and cannot
have more than one fourth of its Board of Directors consisting of Aliens.

     RESTRICTIONS ON BROADCAST ADVERTISING. The advertising of cigarettes on
broadcast stations has been banned for many years. The broadcast advertising of
smokeless tobacco products has more recently been banned by Congress. Certain
Congressional committees have examined legislative proposals to eliminate or
severely restrict the advertising of beer and wine. The Company cannot predict
whether any or all of the present proposals will be enacted into law and, if so,
what the final form of such law might be. The elimination of all beer and wine
advertising could have a material adverse effect on the stations' revenues and
operating profits as well as the revenues and operating profits of other
stations that carry beer and wine advertising. In recent years, some television
stations have begun airing hard liquor advertising. In the past, this group of
advertisers had a self-imposed ban on TV advertising. None of the stations have
aired this type of advertising. The Company cannot predict the effect, if any,
that the airing of these advertisements on competing stations will have on the
operating results.

     The FCC has recently lifted its prohibition of broadcast advertising by
casinos in markets where the state does not have its own prohibition. The
Company has several stations in states where casino gambling is legal and no
such state prohibition exists.

     CABLE "MUST-CARRY" OR "RETRANSMISSION CONSENT" RIGHTS. The 1992 Cable Act,
enacted in October 1992, requires television broadcasters to make an election to
exercise either certain "must-carry" or "retransmission consent" rights in
connection with their carriage by cable television systems in the station's
local market. If a broadcaster chooses to exercise its must-carry rights, it may
demand carriage on a specified channel on cable systems within its designated
market area. Must-carry



                                       7
<PAGE>   8

rights are not absolute, and their exercise is dependent on variables such as
the number of activated channels on, and the location and size of, the cable
system, and the amount of duplicative programming on a broadcast station. Under
certain circumstances, a cable system may decline to carry a given station. If a
broadcaster chooses to exercise its retransmission consent rights, it may
prohibit cable systems from carrying its signal, or permit carriage under a
negotiated compensation arrangement. Generally, the stations have negotiated
retransmission consent agreements with cable television systems in their
markets, with terms generally ranging from three to ten years, which provide for
carriage of the station's signal.

     Cable operators are not currently required to carry both a station's analog
and digital signal at the same time. However, it is anticipated that the Company
will be able to negotiate the retransmission of both its analog and digital
signals with the cable television systems in its markets.

ADVANCED TELEVISION TECHNOLOGY

At present, U.S. television stations broadcast signals using the "NTSC" system,
an analog transmission system named for the National Television Systems
Committee, an industry group established in 1940 to develop the first U.S.
television technical broadcast standards. The FCC in late 1996 approved a new
digital television ("DTV") technical standard to be used by television
broadcasters, television set manufacturers, the computer industry and the motion
picture industry. This DTV standard will allow the simultaneous transmission of
multiple streams of video programming and data on the bandwidth presently used
by a single normal analog channel.

     The FCC presently plans for the DTV transition period to end by 2006. At
that time, broadcasters will be required to discontinue analog operations and to
return their present channels to the FCC. The FCC has already begun issuing
construction permits to build DTV stations. The FCC has recently issued
regulations with respect to DTV allocations and interference criteria which are
not yet final, and other aspects of the DTV regulatory framework have not yet
been established. The FCC is expected to apply to DTV certain of the rules
applicable to analogous services in other contexts, including certain rules that
require broadcasters to serve the public interest and may seek to impose
additional programming or other requirements on DTV service. The Telecom Act
requires the FCC to impose fees upon broadcasters if they choose to use the DTV
channel to provide paid subscription services to the public. The FCC recently
determined that broadcasters should pay a fee of 5% of gross revenues received
for such subscription services should the broadcaster provide subscription
services on their DTV channels. The FCC has also recently initiated a rulemaking
proceeding to determine whether and to what extent cable systems will be
required to carry broadcast DTV signals.

     In some cases, conversion to DTV operations may reduce a station's
geographical coverage area. In addition, the FCC's current implementation plan
would maintain the secondary status of low-power stations in connection with its
allotment of DTV channels. The DTV channel allotment will result in displacement
of a substantial number of existing low-power stations, particularly in major
television markets. Accordingly, the low-power broadcast stations may be
materially adversely affected.


RECENT DEVELOPMENT, PROPOSED LEGISLATION AND REGULATION

       Congress and the FCC currently have under consideration, and may in the
future adopt, new laws, regulations and policies regarding a wide variety of
matters that could affect, directly or indirectly, the operation and ownership
of the Company's broadcast properties. In addition to the changes and proposed
changes noted above, these matters include, for example, additional spectrum use
fees, political advertising rates, potential restrictions on the advertising of
certain products like hard liquor, beer and wine, and revised rules and policies
governing equal employment opportunity. Other matters that could affect its
broadcast properties include technological innovations and development generally
affecting competition in the mass communications industry.

     The foregoing does not purport to be a complete summary of all the
provisions of the Communications Act, the Telecom Act, or of the regulations and
policies of the FCC under either act. Proposals for additional or revised
regulations and requirements are pending before and are being considered by
Congress and federal regulatory agencies from time to time. Management is unable
at this time to predict the outcome of any of the pending FCC rulemaking
proceedings referenced above, the outcome of any reconsideration or appellate
proceedings concerning any changes in FCC rules or policies noted above, the
possible outcome of any proposed or pending Congressional legislation, or the
impact of any of those changes on its broadcast operations.



                                       8
<PAGE>   9

OTHER BUSINESS

     In addition to the operating subsidiaries, the Company has other minor
organizations. These include the Company's administrative staff, a property
development & management company and transportation operations.

INDUSTRY SEGMENT DATA

     Information concerning the Company's industry segments is contained in the
Notes to the Consolidated Financial Statements beginning on pages 21-22 of The
Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on
page 37 of this report and is incorporated in this Item 1 by reference.

EMPLOYEES

      At December 31, 2000 the Company had approximately 1,500 employees.

EXECUTIVE OFFICERS

    The following is a list of the Executive Officers of the Registrant
indicating their age and certain biographical data.

W. HAYNE HIPP, Age 61
   Chairman of the Board of Liberty since May, 1995 Chairman of the Board of
   Cosmos since May, 1995
   President and Chief Executive Officer of Liberty since September, 1981

HOWARD L. SCHROTT, Age 46
   Chief Financial Officer of Liberty since January, 2001
   Chief Financial Officer of Wink Communications Inc., a provider of complete
     end-to-end systems for low-cost electronic commerce on television, from
     May, 1999 to December, 2000
   Chief Financial Officer of Emmis Communications Corporation, a diversified
     media company, from 1991, to May, 1999

JAMES M. KEELOR, Age 58
   President of Cosmos since February, 1992
   Vice President, Operations, of Cosmos from December, 1989 to February, 1992

MARTHA G. WILLIAMS, Age 58
   Vice President, General Counsel & Secretary of Liberty since January, 1982
   Secretary and Counsel of Cosmos since February, 1982

ITEM 2.       PROPERTIES

     The main office of the Company is located at 2000 Wade Hampton Blvd,
Greenville, SC. The Company is currently leasing this space from Liberty Life,
its former subsidiary, through a lease agreement entered into at the time of the
sale of the Company's insurance operations to the Royal Bank of Canada. The
Company has entered into a lease agreement for similar office space in a
commercial building in Greenville, SC. It is anticipated that the Company will
move to this new office space during 2001.

     The Company owns its television broadcast studios, office buildings and
transmitter sites in Columbia, SC; Montgomery, AL; Toledo, OH; Louisville, KY;
Evansville, IN; Jonesboro, AR; Lake Charles, LA; Biloxi, MS; Albany, GA;
Harlingen; TX, Lubbock TX, Wilmington, NC; Jackson MS; Tyler, TX; and Lufkin,
TX.

ITEM 3.       LEGAL PROCEEDINGS

         The Company is not currently engaged in legal proceedings of material
consequence other than ordinary routine litigation incidental to its business.
Any proceedings reported in prior filings have been settled or otherwise
satisfied.


ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

     None.


                                       9
<PAGE>   10

                                     PART II

ITEM 5.       MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY
              STOCKHOLDER MATTERS

     Information concerning the market for the Company's Common Stock and
related stockholder matters is contained on the inside back cover of The Liberty
Corporation Annual Report to Shareholders and is filed as Exhibit 13 on page 18
of this report and is incorporated in this Item 5 by reference.


ITEM 6.       SELECTED FINANCIAL DATA

     Selected Financial Data for the Company is contained on page 24 of The
Liberty Corporation Annual Report to Shareholders and is filed as Exhibit 13 on
page 19 of this report and is incorporated in this Item 6 by reference.


ITEM 7.       MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              RESULTS OF OPERATIONS

     Management's Discussion and Analysis of Financial Condition and Results of
Operations is contained on pages 25-29 of The Liberty Corporation Annual Report
to Shareholders and is filed as Exhibit 13 on pages 20-23 of this report and is
incorporated in this Item 7 by reference.


ITEM 7A.      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Information related to quantitative and qualitative disclosures about
market risk is contained on page 29 of The Liberty Corporation Annual Report to
Shareholders and is included in Exhibit 13 on page 23 of this report and is
incorporated in this Item 7A by reference.


ITEM 8.       FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

     The Company's Consolidated Financial Statements and Report of Independent
Auditors are contained on pages 7-23 of The Liberty Corporation Annual Report to
Shareholders and is filed as Exhibit 13 on pages 24-39 of this report and are
incorporated in this Item 8 by reference. Quarterly Results of Operations are
contained on page 19 of The Liberty Corporation Annual Report to Shareholders
and is included in Exhibit 13 on page 35 of this report and are incorporated in
this Item 8 by reference.


ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
              FINANCIAL DISCLOSURE

     None.


                                       10
<PAGE>   11

                                    PART III

ITEM 10.      DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     Information concerning Directors of the Company is contained in The Liberty
Corporation Proxy Statement for the May 8, 2001 Annual Meeting of Shareholders
and is incorporated in this Item 10 by reference.

     Information concerning Executive Officers of the Company is submitted in a
separate section of this report in Part I, Item 1 on page 9 and is incorporated
in this Item 10 by reference.


ITEM 11.      EXECUTIVE COMPENSATION

     Information concerning Executive Compensation and transactions is contained
in The Liberty Corporation Proxy Statement for the May 8, 2001 Annual Meeting of
Shareholders and is incorporated in this Item 11 by reference.


ITEM 12.      SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     Information concerning Security Ownership of Certain Beneficial Owners and
Management is contained in The Liberty Corporation Proxy Statement for the May
8, 2001 Annual Meeting of Shareholders and is incorporated in this Item 12 by
reference.


ITEM 13.      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Information concerning Certain Relationships and Related Transactions is
contained in The Liberty Corporation Proxy Statement for the May 8, 2001 Annual
Meeting of Shareholders and is incorporated in this Item 13 by reference.


                                       11
<PAGE>   12

                                     PART IV

ITEM 14.      EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K


(a)      (1) AND (2).   LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT
                        SCHEDULES

     The following consolidated financial statements of The Liberty Corporation
and Subsidiaries are included in the Company's Annual Report to Shareholders for
the year ended December 31, 2000, filed as Exhibit 13 to this report and
incorporated in Item 8 by reference:

         Consolidated Balance Sheets - December 31, 2000 and 1999
         Consolidated Statements of Income - For the three years ended December
         31, 2000
         Consolidated Statements of Shareholders' Equity - For the three years
         ended December 31, 2000
         Consolidated Statements of Cash Flows - For the three years ended
         December 31, 2000
         Notes to Consolidated Financial Statements - December 31, 2000
         Report of Independent Auditors

     The following consolidated financial statement schedules of The Liberty
Corporation and Subsidiaries are included in Item 14(d):

           II -   Valuation and Qualifying Accounts and Reserves

     All schedules for which provision is made in the applicable accounting
regulation of the Securities and Exchange Commission, but which are excluded
from this report, are not required under the related instructions or are
inapplicable, and therefore have been omitted.

(a)(3).  LIST OF EXHIBITS

       3.1    Restated Articles of Incorporation, as amended through May 6, 1997
              (filed with the Registrant's Quarterly Report on Form 10Q/A for
              the period ended March 31, 1997 and incorporated herein by
              reference)

       3.2    Bylaws, as amended through August 3, 1999, filed as Exhibit 3.2 to
              the Registrant's Form 10-Q for the quarter ended June 30, 1999,
              and incorporated herein by reference.

       4.1    See Articles 4, 5, 7 and 9 of the Company's Restated Articles of
              Incorporation (filed as Exhibit 3.1) and Articles I, II and VI of
              the Company's Bylaws (filed as Exhibit 3.2).

       4.2    See the Form of Rights Agreement dated as of August 7, 1990
              between The Liberty Corporation and The Bank of New York, as
              Rights Agent, which includes as Exhibit B thereto the form of
              Right Certificate (filed as Exhibits 1 and 2 to the Registrant's
              Form 8-A, dated August 10, 1990, and incorporated herein by
              reference) with respect to the Rights to purchase Series A
              Participating Cumulative Preferred Stock, and the Registrant's
              Form 8-A, dated October 12, 2000 amending the Form of Rights
              Agreement to, among other things, extend the expiration date to
              August 7, 2010, also incorporated herein by reference.

       4.3    See Credit Agreement dated May 1, 1998 (filed as Exhibit 10 to the
              Registrant's Quarterly Report on Form 10Q for the quarter ended
              March 31, 1998 and incorporated herein by reference).

       10.1   See Credit Agreement dated May 1, 1998 (filed as Exhibit 4.3).

       10.2   The Liberty Corporation Performance Incentive Compensation
              Program, as amended and restated on February 1, 2000, filed as
              Exhibit 10.2 to the Registrant's Form 10-Q for the quarter ended
              March 31, 2000, and incorporated herein by reference.



                                       12
<PAGE>   13

       11.    The Liberty Corporation and Subsidiaries Consolidated Earnings Per
              Share Computation (incorporated herein by reference to Note 13 of
              the "Notes to Consolidated Financial Statements" on page 20 of The
              Liberty Corporation Annual Report to Shareholders for the year
              ended December 31, 2000) filed on page 36 of this report.

       13.    Portions of The Liberty Corporation Annual Report to Shareholders
              for the year ended December 31, 2000: Market for the Registrant's
              Common Stock and Related Security Stockholder Matters Selected
              Financial Data Management's Discussion and Analysis of Financial
              Condition and Results of Operations Quantitative and Qualitative
              Disclosures About Market Risk Financial Statements and
              Supplementary Information:
                Consolidated Balance Sheets - December 31, 2000 and 1999
                Consolidated Statements of Income - For the three years ended
                December 31, 2000 Consolidated Statements of Shareholders'
                Equity - For the three years ended December 31, 2000
                Consolidated Statements of Cash Flows - For the three years
                ended December 31, 2000
              Notes to Consolidated Financial Statements - December 31, 2000
              Report of Independent Auditors

       21.    The Liberty Corporation and Subsidiaries, List of Subsidiaries

       23.    Consent of Independent Auditors

       24.    Powers of Attorney applicable for certain signatures of members of
              the Board of Directors in Registrant's 10-K filed for the years
              ended December 31, 1983, 1985, 1989, 1994, 1995, 1996, 1997 1998,
              1999 and 2000.


(b).          REPORTS ON FORM 8-K

              The Company filed a current report on Form 8-K dated November 1,
              2000 with respect to the press release announcing it completing
              the sale of its wholly-owned insurance subsidiaries, Liberty Life
              Insurance Company, Liberty Insurance Services Corporation, The
              Liberty Marketing Corporation, LC Insurance Limited and Liberty
              Capital Advisors, Inc., to the Royal Bank of Canada.

              The Company filed a current report on Form 8-K dated November 7,
              2000 with respect to the press release announcing its third
              quarter 2000 operating results.

              The Company filed a current report on Form 8-K dated November 7,
              2000 with respect to The Liberty Corp. declaring a regular
              quarterly dividend of 22 cents per share on its common stock,
              payable on January 3, 2001 to shareholders of record on December
              15, 2000.

              The Company filed a current report on Form 8-K dated November 14,
              2000 with respect to the sale of its wholly-owned insurance
              subsidiaries to the Royal Bank of Canada, and the accompanying pro
              forma financial statements.

              The Company filed a current report on Form 8-K dated December 4,
              2000 with respect to the press release announcing the completion
              of its acquisition of Civic Communications for $204 million.

              The Company filed a current report on Form 8-K dated December 15,
              2000 with respect to the announcement of the appointment of Howard
              L. Schrott to the position of Chief Financial Officer.


                                       13
<PAGE>   14

              The Company filed a current report on Form 8-K dated December 18,
              2000 with respect to the completion of its acquisition of Civic
              Communications for $204 million. The following financial
              statements were filed in connection with that current report on
              Form 8-K:

                     (1) Civic Communications Corporation II Consolidated
                            Financial Statements For the Year Ended December 31,
                            1999 And Report of Independent Auditors.

                     (2) Unaudited Condensed Consolidated Financial Statements
                            of Civic Communications Corporation II for the Nine
                            Months Ended September 30, 2000.


(c).          EXHIBITS FILED WITH THIS REPORT


       11.    The Liberty Corporation and Subsidiaries Consolidated Earnings Per
              Share Computation (incorporated herein by reference to Note 13 of
              the "Notes to Consolidated Financial Statements" on page 20 of The
              Liberty Corporation Annual Report to Shareholders for the year
              ended December 31, 2000) filed on page 36 of this report.

       13.    Portions of The Liberty Corporation Annual Report to Shareholders
              for the year ended December 31, 2000: Market for the Registrant's
              Common Stock and Related Security Stockholder Matters Selected
              Financial Data Management's Discussion and Analysis of Financial
              Condition and Results of Operations Quantitative and Qualitative
              Disclosures About Market Risk Financial Statements and
              Supplementary Information:
                Consolidated Balance Sheets - December 31, 2000 and 1999
                Consolidated Statements of Income - For the three years ended
                December 31, 2000 Consolidated Statements of Shareholders'
                Equity - For the three years ended December 31, 2000
                Consolidated Statements of Cash Flows - For the three years
                ended December 31, 2000 Notes to Consolidated Financial
                Statements - December 31, 2000 Report of Independent Auditors

       21.    The Liberty Corporation and Subsidiaries, List of Subsidiaries

       23.    Consent of Independent Auditors

       24.    Power of Attorney for signature of Frank E. Melton, member of the
              Board of Directors, in Registrant's 10-K filed for the year ended
              December 31, 2000.


(d).     CONSOLIDATED FINANCIAL STATEMENT SCHEDULES FILED WITH THIS REPORT


              II- Valuation and Qualifying Accounts and Reserves - For the Three
              Years Ended December 31, 2000



                                       14
<PAGE>   15

                                                                     Schedule II

                    THE LIBERTY CORPORATION AND SUBSIDIARIES
                 VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
                   FOR THE THREE YEARS ENDED DECEMBER 31, 2000
                                   (In 000's)

<TABLE>
<CAPTION>
                                                        Additions
                                                ------------------------
                                 Balance at     Charged to    Charged to                     Balance at
                                 Beginning       Costs and      Other                            End
Deducted From Asset Accounts     of Period       Expenses      Accounts      Deductions       of Period
----------------------------     ----------     ----------    ----------     ----------      ----------
<S>                                 <C>           <C>           <C>           <C>              <C>

Year Ended December 31, 2000

Accounts receivable -
    reserve for bad debts           $1,319        $1,255        $   --        $  356(a)        $2,218
                                    ------        ------        ------        ---------        ------

Year Ended December 31, 1999

Accounts receivable -
    reserve for bad debts           $1,163        $  573        $   --        $  417(a)        $1,319
                                    ------        ------        ------        ---------        ------


Year Ended December 31, 1998
                                                                                 444(a)
Accounts receivable -                                                              2(b)
    reserve for bad debts           $1,441        $  837        $   10        $  679(c)        $1,163
                                    ------        ------        ------        ---------        ------
</TABLE>

Notes:
(a)   Uncollectible accounts written off, net of recoveries.
(b)   Reversal of reserves no longer required
(c)   Sale of subsidiary


                                       15
<PAGE>   16

                                   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 hereunto duly authorized, as of the 26th day of
March, 2001.

THE LIBERTY CORPORATION                      By:   /s/  Hayne Hipp
-----------------------                           ------------------------------
      Registrant                                  Hayne Hipp
                                                  President and Chief
                                                  Executive Officer

    Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated, as of the 26th day of March, 2001.


By:    /s/ Howard L. Schrott                 *By:     /s/ John H. Mullin III
       ----------------------                         ----------------------
       Howard L. Schrott                              John H. Mullin III
       Chief Financial Officer                        Director

*By:   /s/ Edward E. Crutchfield             *By:     /s/ Benjamin F. Payton
       -------------------------                      ----------------------
       Edward E. Crutchfield                          Benjamin F. Payton
       Director                                       Director

*By:   /s/ John R. Farmer                    *By:     /s/ J. Thurston Roach
       ------------------                             ---------------------
       John R. Farmer                                 J. Thurston Roach
       Director                                       Director

 By:   /s/ Hayne Hipp                        *By:     /s/ Eugene E. Stone, IV
       --------------                                 -----------------------
       Hayne Hipp                                     Eugene E. Stone, IV
       Director                                       Director

*By:   /s/ W. W. Johnson                     *By:     /s/ William B. Timmerman
       -----------------                              ------------------------
       W. W. Johnson                                  William B. Timmerman
       Director                                       Director

*By:   /s/ William O. McCoy                  *By:     /s/ Martha G. Williams
       --------------------                           ----------------------
       William O. McCoy                               *Martha G. Williams, as
       Director                                       Special Attorney in Fact

*By:   /s/ Frank E. Melton
       -------------------
       Frank E. Melton
       Director


                                       16
<PAGE>   17

                           Annual Report on Form 10-K
                             The Liberty Corporation
                                December 31, 2000



                                Index to Exhibits

<TABLE>
<CAPTION>
                                                                                          PAGE
     EXHIBITS                                                                            NUMBER
<S>                                                                                      <C>

11.  The Liberty Corporation and Subsidiaries Consolidated Earnings Per Share
          Computation (incorporated herein by reference to Note 13 of the "Notes to
          Consolidated Financial Statements" on page 20 of The Liberty Corporation
          Annual Report to Shareholders for the year ended December 31, 2000).               36

13.  Portions of The Liberty Corporation Annual Report to Shareholders for the year
          ended December 31, 2000:

     Market for the Registrant's Common Stock and Related Security Stockholder Matters       18
     Selected Financial Data                                                                 19
     Management's Discussion and Analysis of Financial Condition and Results of
          Operations                                                                      20-23
     Quantitative and Qualitative Disclosures About Market Risk                              23
     Financial Statements and Supplementary Information:
       Consolidated Balance Sheets - December 31, 2000 and 1999                              24
       Consolidated Statements of Income - For the three years ended December 31, 2000       25
       Consolidated Shareholders' Equity - For the three years ended December 31, 2000       26
       Consolidated Statements of Cash Flows - For the three years ended December 31,        27
          2000
       Notes to Consolidated Financial Statements - December 31, 2000                     28-38
       Report of Independent Auditors                                                        39

21.  The Liberty Corporation and Subsidiaries, List of Significant Subsidiaries              40

23.  Consent of Independent Auditors                                                         41
</TABLE>



                                       17