<PAGE>

                                    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 September 30, 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.)

                   135 South Main Street, Greenville, SC 29601
                   -------------------------------------------
                    (Address of principal executive offices)

        Registrant's telephone number, including area code: 864/241-5400
                                                            ------------

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 September 30, 2001
        -------------------                  ----------------------------

           Common Stock                              19,682,502



<PAGE>

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

<TABLE>
<CAPTION>

(In 000's)                                                       SEPTEMBER 30,         December 31,
                                                                     2001                  2000
                                                                 ------------          -----------
ASSETS                                                           (Unaudited)

<S>                                                              <C>                   <C>
Current assets:
  Cash and cash equivalents                                       $  37,845             $ 149,003
  Receivables (net of allowance for doubtful accounts)               34,271                40,561
  Program rights                                                      6,788                 5,561
  Prepaid and other current assets                                    5,094                46,194
  Income taxes receivable                                             6,161                    --
  Deferred income taxes                                               4,007                15,109
                                                                  ---------             ---------
                Total  current assets                                94,166               256,428

Property Plant and Equipment
  Land                                                                5,494                 5,494
  Buildings and improvements                                         35,455                33,152
  Furniture and equipment                                           155,402               149,784
  Less: Accumulated depreciation                                   (111,856)              (99,389)
                                                                  ---------             ---------
                                                                     84,495                89,041


Intangibles (net of accumulated amortization)                       491,243               501,693
Other assets                                                         47,362                48,845
                                                                  ---------             ---------
       Total assets                                               $ 717,266             $ 896,007
                                                                  =========             =========

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses                           $  17,703             $  68,517
  Program contract obligations                                        6,809                 5,578
  Accrued income taxes                                                   --               138,297
                                                                  ---------             ---------
                     Total current liabilities                       24,512               212,392

Deferred income taxes                                               105,670                92,797
Other liabilities                                                     9,338                 9,825
                                                                  ---------             ---------
Total liabilities                                                   139,520               315,014
                                                                  ---------             ---------

Shareholders' equity
 Common stock                                                       102,837                99,033
 Unearned stock compensation                                         (3,911)                   --
 Retained earnings                                                  478,930               481,270
 Unrealized investment gains (losses)                                  (110)                  690
                                                                  ---------             ---------
     Total shareholders' equity                                     577,746               580,993
                                                                  ---------             ---------
       Total liabilities and shareholders' equity                 $ 717,266             $ 896,007
                                                                  =========             =========
</TABLE>



See Notes to Consolidated and Condensed Financial Statements.



                                       2
<PAGE>

                    THE LIBERTY CORPORATION AND SUBSIDIARIES
               CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                              Three Months ended               Nine Months Ended
                                                                                 September 30,                    September 30,
                                                                           ------------------------        ------------------------
(In 000's, except per share data)                                            2001            2000            2001            2000
                                                                           --------         -------        --------        --------
                                                                                                (Unaudited)
<S>                                                                        <C>              <C>            <C>             <C>
REVENUES
 Station revenues (net of commissions)                                     $ 37,170         $40,058        $121,407        $114,737
 Cable advertising and other revenues                                         3,003           3,234           8,885           9,539
                                                                           --------         -------        --------        --------
   NET REVENUES                                                              40,173          43,292         130,292         124,276

EXPENSES
Operating expenses                                                           25,645          23,187          77,518          68,166
Amortization of program rights                                                2,021           1,704           5,957           4,792
Depreciation and amortization of intangibles                                  8,434           5,272          23,717          14,864
Corporate, general, and administrative expenses                               3,685           2,661           9,783           8,025
                                                                           --------         -------        --------        --------
   TOTAL OPERATING EXPENSES                                                  39,785          32,824         116,975          95,847

       OPERATING INCOME                                                         388          10,468          13,317          28,429

Net investment income (loss)                                                 (1,938)            724           3,799          12,016
Interest expense                                                                 --           4,314              --          12,705
                                                                           --------         -------        --------        --------
       INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES          (1,550)          6,878          17,116          27,740

Provision for (benefit from) income taxes                                      (589)          2,885           6,504          11,448
                                                                           --------         -------        --------        --------
       INCOME (LOSS)  FROM CONTINUING OPERATIONS                               (961)          3,993          10,612          16,292

Income from discontinued operations (net of income taxes)                        --           7,573              --          26,061
                                                                           --------         -------        --------        --------

      NET INCOME (LOSS)                                                    $   (961)        $11,566        $ 10,612        $ 42,353
                                                                           ========         =======        ========        ========


EARNINGS (LOSS) PER SHARE:
Basic earnings (loss) per common share from continuing operations           $ (0.05)        $  0.21        $   0.54        $   0.83
Basic earnings per common share from discontinued operations                     --            0.39              --            1.35
                                                                           --------         -------        --------        --------
Basic earnings (loss) per common share                                     $  (0.05)        $  0.60        $   0.54        $   2.18
                                                                           ========         =======        ========        ========

Diluted earnings (loss) per common share from continuing operations        $  (0.05)        $  0.20        $   0.54        $   0.83
Diluted earnings per common share from discontinued operations                   --            0.38              --            1.32
                                                                           --------         -------        --------        --------
Diluted earnings (loss) per common share                                   $  (0.05)        $  0.58        $   0.54        $   2.15
                                                                           ========         =======        ========        ========


Dividends Per Common Share                                                 $   0.22         $  0.22        $   0.66        $   0.66
</TABLE>



See Notes to Consolidated and Condensed Financial Statements.



                                       3
<PAGE>

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

<TABLE>
<CAPTION>
                                                                                   Nine Months Ended September 30,
                                                                                 ----------------------------------
(In 000's)                                                                          2001                    2000
                                                                                 ---------             ------------
                                                                                           (Unaudited)
<S>                                                                              <C>                   <C>
OPERATING ACTIVITIES
Income from continuing operations                                                $  10,612             $     16,292
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
     Gain on sale of operating assets                                                  (29)                    (631)
     Realized investment (gains) losses                                              1,720                   (9,208)
     Depreciation                                                                   13,078                    9,708
     Amortization of intangibles                                                    10,639                    5,156
     Amortization of program rights                                                  5,957                    4,792
     Cash paid for program rights                                                   (5,951)                  (4,698)
     Provision for deferred income taxes                                            10,209                      545
Changes in operating assets and liabilities:
     Receivables                                                                     6,290                     (677)
     Other assets                                                                   41,688                   (4,976)
     Accounts payable and accrued expenses                                         (50,814)                   3,255
     Accrued income taxes                                                         (130,692)                  13,469
     Other liabilities                                                                (487)                  (9,453)
     All other operating activities, net                                               408                     (421)
     Net cash used in operating activities of discontinued operations                   --                  (14,999)
                                                                                 ---------             ------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                (87,372)                   8,154

INVESTMENT ACTIVITIES
Purchase of property and equipment                                                  (8,532)                 (7,439)
Net cash paid for purchase of television stations                                       --                  (59,782)
Investment securities sold                                                           2,755                   13,686
Investment securities acquired                                                      (4,000)                  (1,138)
Purchase of investment properties                                                       --                   (2,000)
Proceeds from sale of investment properties                                            877                   14,343
Other (net)                                                                             29                       --
Net cash provided by investing activities of discontinued operations                    --                   53,216
                                                                                 ---------             ------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                                 (8,871)                  10,886

FINANCING ACTIVITIES
Proceeds from borrowings                                                                --                2,426,500
Principal payments on debt                                                              --               (2,402,500)
Dividends paid                                                                     (12,952)                 (13,303)
Stock issued for employee benefit and compensation programs                          7,679                      158
Repurchase of common stock                                                          (9,642)                 (10,428)
Net cash provided by financing activities of discontinued operations                    --                   24,012
                                                                                 ---------             ------------
NET CASH PROVIDED BY(USED IN) FINANCING ACTIVITIES                                 (14,915)                  24,439

(DECREASE) INCREASE  IN CASH                                                      (111,158)                  43,479
Cash at beginning of period                                                        149,003                   11,891
                                                                                 ---------             ------------
CASH AT END OF PERIOD                                                            $  37,845             $     55,370
                                                                                 =========             ============
</TABLE>



See Notes to Consolidated and Condensed Financial Statements.


                                       4
<PAGE>

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued


                    THE LIBERTY CORPORATION AND SUBSIDIARIES
            NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
                               September 30, 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 the $43.2 million of 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.

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.



                                       5
<PAGE>


                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued



4.       COMPREHENSIVE INCOME

         The components of comprehensive income, net of related income taxes,
         for the three-month and nine-month periods ended September 30, 2001 and
         2000, respectively, are as follows:

<TABLE>
<CAPTION>
                                                              Three Months Ended                 Nine Months Ended
                                                                September 30,                      September 30,
                                                         ---------------------------        ---------------------------
                                                           2001              2000              2001              2000
                                                         ---------         ---------        ---------         ---------
          (In 000's)
          <S>                                            <C>               <C>              <C>               <C>
          Net Income (loss)                              $    (961)        $  11,566        $  10,612         $  42,353
          Unrealized gains/(losses) on securities              (58)            6,178             (800)            2,037
                                                         ---------         ---------        ---------         ---------
          Comprehensive income (loss)                    $  (1,019)        $  17,744        $   9,812         $  44,390
                                                         =========         =========        =========         =========
</TABLE>

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.

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

<TABLE>
<CAPTION>
                                                                             THREE
                                                                             MONTHS            NINE MONTHS
                                                                              ENDED               ENDED
                                                                          SEPTEMBER 30,        SEPTEMBER 30,
                                                                          -------------        -------------
                                                                               2000                 2000
                                                                          -------------        -------------
               <S>                                                        <C>                  <C>
               Revenues                                                     $  86,527            $ 278,796
               Expenses                                                        76,060              241,884
                                                                            ---------            ---------
               Income before taxes from discontinued operations                10,467               36,912
               Income taxes                                                     2,894               10,851
                                                                            ---------            ---------
               Income from discontinued operations                          $   7,573            $  26,061
                                                                            =========            =========
</TABLE>



                                       6
<PAGE>

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued


6.       SEGMENT REPORTING

         The Company operates primarily in the television broadcasting and cable
         advertising businesses. The Company currently owns and operates fifteen
         television stations, primarily 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 income before income taxes,
         excluding unusual, or non-operating items.

         The following tables summarize financial information for continuing
         operations by segment for the three and nine-month periods ended 30,
         2001 and 2000:

<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED                  NINE MONTHS ENDED
                                                                 SEPTEMBER 30,                      SEPTEMBER 30,
                                                         ---------------------------        ---------------------------
                                                            2001              2000             2001             2000
                                                         ---------         ---------        ---------         ---------
          <S>                                            <C>               <C>              <C>               <C>
          REVENUE
             Broadcasting                                $  37,170         $  40,058        $ 121,407         $ 114,737
             Cable advertising                               2,803             2,573            8,103             7,842
             Other                                             200               661              782             1,697
                                                         ---------         ---------        ---------         ---------
          TOTAL REVENUE                                  $  40,173         $  43,292        $ 130,292         $ 124,276
                                                         =========         =========        =========         =========

          INCOME FROM CONTINUING OPERATIONS
           BEFORE INCOME TAXES
             Broadcasting                                $   4,496         $  13,789        $  24,059         $  37,902
             Cable advertising                                 117               175               37               512
             Corporate & other                              (6,163)           (7,086)          (6,980)          (10,674)
                                                         ---------         ---------        ---------         ---------
          TOTAL INCOME (LOSS) FROM CONTINUING
          OPERATIONS BEFORE INCOME TAXES                 $  (1,550)        $   6,878        $  17,116         $  27,740
                                                         =========         =========        =========         =========
</TABLE>

         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
<PAGE>

7.       EARNINGS PER SHARE

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

<TABLE>
<CAPTION>
                                                                     THREE MONTHS ENDED                  NINE MONTHS ENDED
         (In 000's except per share data:                               SEPTEMBER 30,                      SEPTEMBER 30,
                                                                ---------------------------        ---------------------------
                                                                  2001              2000             2001             2000
                                                                ---------         ---------        ---------         ---------
          <S>                                                   <C>               <C>              <C>               <C>
                                                                                          (Unaudited)
          NUMERATOR - EARNINGS:

          Income (loss) from continuing operations              $    (961)        $   3,993        $  10,612        $  16,292
          Preferred dividends                                          --                --               --             (365)
                                                                ---------         ---------        ---------        ---------
          Numerator for basic earnings (loss) per common
               share from continuing  operations                     (961)            3,993           10,612           15,927

          Effect of dilutive securities                                --                                                 365
                                                                ---------         ---------        ---------        ---------
          Numerator for diluted earnings (loss) per
               common share from continuing operations          $    (961)        $   3,993        $  10,612        $  16,292
                                                                =========         =========        =========        =========

          DENOMINATOR - AVERAGE SHARES OUTSTANDING:

          Denominator for basic earnings (loss) per
               common share from continuing operations -
               weighted average shares                             19,526            19,443           19,568           19,281

          Effect of dilutive securities:
                  Preferred stock                                      --               228               --              356
               Stock options                                           --                65               90               84
                                                                ---------         ---------        ---------        ---------
          Denominator for diluted earnings (loss) per
               common share from continuing operations             19,526            19,736           19,658           19,721
                                                                =========         =========        =========        =========

          Basic earnings (loss) per common share from
               continuing operations                            $   (0.05)        $    0.21        $    0.54        $    0.83

          Diluted earnings (loss) per common share from
               continuing operations                            $   (0.05)        $    0.20        $    0.54        $    0.83
</TABLE>


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
         nine months of 2001.



9.       VENTURE CAPITAL INVESTMENTS

         Investments in venture capital funds are generally carried at cost,
         which includes provisions for impaired value where appropriate. During
         the third quarter of 2001 the Company recorded an impairment of $3.2
         million in its venture capital portfolio as a result of the
         determination that certain of its investments had carrying values in
         excess of their fair values, and that certain of those excess were
         other than temporary.


                                       8
<PAGE>

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued



10.      NEW ACCOUNTING PRONOUNCEMENTS

         During the second quarter of 2001, the Financial Accounting Standards
         Board (FASB) issued Statement No. 141, Business Combinations, and
         Statement No. 142, Goodwill and Other Intangible Assets. Statement No.
         141 requires that the purchase method of accounting be used for
         business combinations initiated after June 30, 2001. The Company does
         not believe that Statement No. 141 will have a material effect on its
         financial statements. Statement No. 142 requires that goodwill and
         certain other identified intangibles no longer be amortized to
         earnings, but instead be reviewed for impairments. The amortization of
         goodwill and certain other identified intangibles ceases upon adoption
         of the Statement, which for the Company will be January 1, 2002. The
         Company has not yet determined the extent of the effect of Statement
         No. 142, but believes that it will have a material impact on its
         financial statements as its reported amortization expense will be
         significantly reduced in future periods.

11.      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.



                                       9
<PAGE>

                                 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 into 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.


                                       10
<PAGE>

                                 Management's Discussions and Analysis continued



RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED SEPTEMBER
30, 2000
Net revenue was $40.2 million for the third quarter of 2001, a decrease of $3.1
million from the $43.3 million reported for the third quarter of 2000. On a pro
forma basis, as if the Company operated all stations owned at the end of the
quarter for all periods presented, net revenue decreased twenty-one percent. The
decline in net revenue is due to general weakness in the United States economy,
in the advertising industry in particular, losses in revenue related to the
events of September 11th, and that the same period of the prior year benefited
from revenue related to the Olympics and political activity.

Operating expenses, which included amortization of program rights, were $27.7
million for the third quarter of 2001, an increase of $2.8million over the $24.9
million reported for the third quarter of 2000. The increase in operating
expenses is attributable to the station acquisitions made during 2000. On a pro
forma basis, operating expenses decreased five percent.

Depreciation and amortization was $8.4 million for the third quarter of 2001, an
increase of $3.1 million over the $5.3 million reported for the third quarter of
2000. The increase in depreciation and amortization expense is directly
attributable to the station acquisitions made during 2000.

Corporate, general, and administrative expenses were $3.7 million for the third
quarter of 2001, an increase of $1.0 million over the $2.7 million reported for
the third quarter of 2000. The increase in corporate general and administrative
expenses is attributable to costs incurred associated the corporate office's
relocation, and increases in professional fees.

Net investment income (loss) for the quarter was a loss of $1.9 million, as
compared to net investment income of $0.7 million reported for the third quarter
of 2000. The decrease in net investment income was due to a $3.2 million charge
taken in the Company's venture capital portfolio during the third quarter of
2001. During the quarter the Company determined that certain of its investments
had carrying values in excess of their fair values, and that certain of those
excesses were other than temporary.

The Company incurred no interest expense during the third 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 $4.3
million of interest expense during the third quarter of 2000.


NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
SEPTEMBER 30, 2000

With the exception of net investment income, changes in income statement line
items on a year-to-date basis were substantially the same as those on a
quarterly basis. Please see the discussion of the three-month periods ended
September 30, 2001 and 2000 above for details.

Net revenues were $130.3 million for the nine-month period ended September 30,
2001, an increase of $6.0 million over the $124.3 million reported for the
nine-month period ended September 30, 2000. On a pro forma basis, as if the
Company operated all stations owned at September 30, 2001 for the entire period,
net revenue decreased 21 percent.

Operating expenses, which include amortization of program rights, were $83.5
million for the nine-month period ended September 30, 2001, an increase of $10.5
million over the $73.0 million reported for the nine-month period



                                       11
<PAGE>

                                 Management's Discussions and Analysis continued



ended September 30, 2000. On a pro forma basis, operating expenses were down
three percent as compared to the prior-year period.

Depreciation and amortization was $23.7 million for the nine-month period ended
September 30, 2001, an increase of $8.8 million over the $14.9 million reported
for the nine-month period ended September 30, 2000.

Corporate, general, and administrative expenses were $9.8 million for the
nine-month period ended September 30, 2001, an increase of $1.8 million over the
$8.0 million reported for the nine-month period ended September 30, 2000.

Net investment income was $3.8 million for the nine-month period ended September
30, 2001 a decrease of $8.2 million from the $12.0 million reported for the
nine-month period ended September 30 2000. The decrease in net investment income
was due mainly to realized gains from the Company's equity portfolio recognized
during the first quarter of 2000 that were not present to the same extent during
2001.

The Company incurred no interest expenses during the first nine months 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
$12.7 million of interest expense during the nine-month period ended September
30, 2000.


BROADCAST CASH FLOW INFORMATION

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.


<TABLE>
<CAPTION>
                                                    THREE MONTHS ENDED                NINE MONTHS ENDED
         (In 000's except per share data:              SEPTEMBER 30,                     SEPTEMBER 30,
                                                --------------------------        --------------------------
                                                  2001              2000             2001             2000
                                                ---------        ---------        ---------        ---------
          <S>                                   <C>               <C>              <C>               <C>
          Operating income                      $     388        $  10,468        $  13,317        $  28,429
          One time charges(1)                          --              461               --              863
                                                ---------        ---------        ---------        ---------
          ADJUSTED OPERATING INCOME                   388           10,929           13,317           29,292
          Add:
          Depreciation and amortization             8,434            5,272           23,717           14,864
          Adj. for network  compensation
           due vs. accrued                            248               --              248               --
          Non-cash compensation                       224              648              533            1,210
                                                ---------        ---------        ---------        ---------
          OPERATING CASH FLOW                       9,294           16,849           37,815           45,366
          Corporate cash expenses                   3,461            2,011            9,250            6,813
                                                ---------        ---------        ---------        ---------
          BROADCAST CASH FLOW                   $  12,755        $  18,860        $  47,065        $  52,179
                                                =========        =========        =========        =========
</TABLE>

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



                                       12
<PAGE>

                 Management's Discussions and Analysis continued



Broadcast cash flow was $12.8 million for the third quarter of 2001, compared
with $18.9 million for the prior-year third quarter. Broadcast cash flow was
$47.1 million for the first nine months of 2001, compared with $52.2 million for
the prior-year period. The decrease in broadcast cash flow for both the current
quarter and the year-to-date period is attributable to those factors affecting
net revenue discussed above.

CAPITAL, FINANCING AND LIQUIDITY

At September 30, 2001, the Company had cash of $37.8 million and an unused line
of credit of $100 million. The Company anticipates that its primary sources of
cash, those being current cash balances, operating cash flow, and the available
line of credit will be sufficient to finance the operating requirements of its
stations and their anticipated capital expenditures, for both the next 12 months
and the foreseeable future thereafter.


CASH FLOWS

The Company's net cash flow used in operating activities was $87.4 million for
the first nine months of 2001 compared to cash provided of $8.2 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. The Company's net cash used in investing activities was $8.9
million for the nine month period ended September 30, 2001, as compared to cash
provided by investing activities of $10.9 million for the same period of 2000.
The decrease in net cash provided by investing activities is attributable to the
absence of net cash provided by discontinued operations, as the company sold its
insurance subsidiaries in November of 2000 and the absence of acquisitions
during 2001. Net cash used in financing activities for the nine months ended
September 30, 2001 was $14.9 million compared to net cash provided by financing
activities of $24.4 million for the first nine months of 2000. The decrease in
net cash provided by financing activities is due mainly to the absence of net
cash provided by discontinued operations.

NEW ACCOUNTING PRONOUNCEMENTS

During the second quarter of 2001, the Financial Accounting Standards Board
(FASB) issued Statement No. 141, Business Combinations, and Statement No. 142,
Goodwill and Other Intangible Assets. Statement No. 141 requires that the
purchase method of accounting be used for business combinations initiated after
June 30, 2001. The Company does not believe that Statement No. 141 will have a
material effect on its financial statements. Statement No. 142 requires that
goodwill and certain other identified intangibles no longer be amortized to
earnings, but instead be reviewed for impairments. The amortization of goodwill
and certain other identified intangibles ceases upon adoption of the Statement,
which for the Company will be January 1, 2002. The Company has not yet
determined the extent of the effect of Statement No. 142, but believes that it
will have a material impact on its financial statements as its reported
amortization expense will be significantly reduced in future periods.

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.



                                       13
<PAGE>


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.

                  1.       The Company filed a current report on Form 8-K dated
                           August 7, 2001 with respect to the press release
                           announcing its second quarter 2001 operating results.

                  2.       The Company filed a current report on Form 8-K dated
                           August 7, 2001 with respect to The Liberty Corp.
                           declaring a regular quarterly dividend of 22 cents
                           per share on its common stock, payable on October 2,
                           2001 to shareholders of record on September 14, 2001.


INDEX TO EXHIBITS



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




                                       14
<PAGE>

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:  November 14, 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




                                       15