<PAGE>   1
                                    FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

(Mark One)

[xx]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934
         For the quarterly period ended March 31, 2000
                                        --------------

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

                          Commission File Number 1-5846

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

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

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

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

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

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

                                               Number of shares Outstanding
              Title of each class              as of March 31, 2000
              -------------------              ----------------------------

              Common Stock                             19,365,836


                    Page 1 of 23 sequentially numbered pages.
                        The Exhibit Index is on Page 12.


<PAGE>   2

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


(In 000's)

<TABLE>
<CAPTION>
                                                                                      MARCH 31,          December 31,
                                                                                        2000                 1999
                                                                                     -----------         -----------
<S>                                                                                  <C>                 <C>
ASSETS                                                                                         (Unaudited)

Investments:
  Fixed Maturity Securities available for sale, at market, cost of $928,822
     at 3/31/00 and $890,900 at 12/31/99                                             $   914,498         $   859,296
  Equity Securities, at market, cost of $21,703 at 3/31/00 and $61,732 at                 26,419              81,290
    12/31/99
  Mortgage Loans                                                                         231,481             230,497
  Investment Real Estate                                                                  23,451              25,692
  Loans to Policyholders                                                                  92,715              91,964
  Other Long-Term Investments                                                             20,509              20,680
  Short-Term Investments                                                                     308               1,930
                                                                                     -----------         -----------
     Total Investments                                                                 1,309,381           1,311,349

Cash                                                                                      16,138              13,065
Accrued Investment Income                                                                 15,090              13,592
Receivables                                                                               62,634              70,167
Receivable from Reinsurers                                                               261,708             266,141
Deferred Acquisition Costs and Cost of Business Acquired                                 300,384             304,419
Buildings and Equipment                                                                   99,377              90,675
Intangibles Related to Television Operations                                             266,025             218,166
Goodwill Related to Insurance Acquisitions                                                21,662              21,904
Other Assets                                                                              42,687              43,446
                                                                                     -----------         -----------
     Total Assets                                                                    $ 2,395,086         $ 2,352,924
                                                                                     ===========         ===========

LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY

Liabilities
 Policy Liabilities                                                                  $ 1,335,336         $ 1,337,008
 Notes, Mortgages and Other Debt                                                         285,800             235,300
 Accrued Income Taxes                                                                     17,682              15,409
 Deferred Income Taxes                                                                   106,582             107,304
 Accounts Payable and Accrued Expenses                                                    87,307              98,990
 Other Liabilities                                                                         7,666               4,689
                                                                                     -----------         -----------
     Total Liabilities                                                                 1,840,373           1,798,700
                                                                                     -----------         -----------

Shareholders' Equity
 Common Stock                                                                             94,397             100,112
 Series 1995-A Convertible Preferred Stock, $35.00 redemption value, shares
     issued and outstanding - 421,735 shares at 3/31/00 and 429,485 at
     12/31/99                                                                             14,761              15,031
 Unearned Stock Compensation                                                              (8,865)             (5,057)
 Retained Earnings                                                                       456,278             445,329
 Accumulated Other Comprehensive Income:
   Unrealized Investment Losses                                                           (1,858)             (1,191)
                                                                                     -----------         -----------
     Total Shareholders' Equity                                                          554,713             554,224
                                                                                     -----------         -----------
       Total Liabilities, Redeemable Preferred Stock and Shareholders' Equity        $ 2,395,086         $ 2,352,924
                                                                                     ===========         ===========
</TABLE>

See Notes to Consolidated and Condensed Financial Statements.


                                       2
<PAGE>   3

                    THE LIBERTY CORPORATION AND SUBSIDIARIES
               CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                             Three Months ended
                                                                 March 31,
                                                      ---------------------------------
(In 000's, except per share data)                          2000               1999
                                                      ---------------     -------------
<S>                                                   <C>                 <C>
                                                                (Unaudited)

REVENUES
 Insurance Premiums & Policy Charges                  $     63,885        $     64,053
 Broadcasting Revenues                                      42,733              39,866
 Net Investment Income                                      25,002              23,875
 Service Contract Revenue                                    5,306               4,668
 Other Income                                                2,403                 484
 Realized Investment Gains  (Losses)                         6,128              (8,344)
                                                      ---------------     -------------
   Total Revenues                                          145,457             124,602
                                                      ---------------     -------------

EXPENSES
 Policyholder Benefits                                      34,353              35,488
 Insurance Commissions                                      19,383              18,559
 General Insurance Expenses                                 16,617              18,010
 Amortization of Deferred Acquisition Costs                  8,777              10,377
 Broadcasting Expenses                                      35,031              31,157
 Interest Expense                                            3,958               3,927
 Other Expenses                                              3,952               3,622
                                                      ---------------     -------------
   Total Expenses                                          122,071             121,140
                                                      ---------------     -------------

Income Before Income Taxes                                  23,386               3,462
Income Tax Provision                                         7,989                 942
                                                      ---------------     -------------
  NET INCOME                                          $     15,397        $      2,520
                                                      ===============     =============


EARNINGS PER SHARE:
  Basic earnings per common share                     $       0.79        $       0.11
  Diluted earnings per common share                   $       0.78        $       0.11


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


See Notes to Consolidated and Condensed Financial Statements.


                                       3
<PAGE>   4

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


<TABLE>
<CAPTION>
                                                                          Three Months Ended March 31,
                                                                          ----------------------------
(In 000's)                                                                    2000            1999
                                                                          ----------------------------
<S>                                                                        <C>             <C>
                                                                                   (Unaudited)
OPERATING ACTIVITIES
Net Income                                                                 $  15,397       $   2,520
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
     Decrease in policy liabilities                                           (7,508)         (4,937)
     Decrease in accounts payable and accrued liabilities                     (8,272)         (8,288)
     Decrease increase in receivables                                          9,133          (1,478)
     Amortization of policy acquisition costs                                  8,777          10,376
     Policy acquisition costs deferred                                        (8,560)        (10,572)
     Realized investment (gains) losses                                       (6,128)          8,344
     Gain on sale of operating assets                                           (439)           (109)
     Depreciation and amortization                                             6,210           5,420
     Amortization of bond premium and discount                                  (942)         (1,000)
     Provision for deferred income taxes                                         311          (1,166)
     All other operating activities, net                                       1,143           7,620
                                                                           ---------       ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES                                      9,122           6,730

INVESTMENT ACTIVITIES
Investment securities sold                                                   254,209          17,622
Investment securities matured or redeemed by issuer                           22,290          32,347
Cost of investment securities acquired - available for sale                 (266,489)        (53,396)
Mortgage loans made                                                           (5,350)         (4,399)
Mortgage loan repayments                                                       4,930           6,802
Purchase of investment real estate, buildings and equipment                   (2,708)         (3,353)
Sale of investment real estate, buildings and equipment                        1,966           2,346
Purchase of television station                                               (59,782)             --
Purchases of short term investments                                          (13,645)             --
Sales of short-term investments                                               15,267              --
All other investment activities, net                                            (522)           (869)
                                                                           ---------       ---------
NET CASH USED IN  INVESTING ACTIVITIES                                       (49,834)         (2,900)

FINANCING ACTIVITIES
Proceeds from borrowings                                                     809,500         663,000
Principal payments on debt                                                  (759,000)       (670,000)
Dividends paid                                                                (4,448)         (4,626)
Stock issued for employee benefit and compensation programs                      145             821
Repurchase of common stock                                                   (10,428)             --
Return of policyholders' account balances                                     (6,808)         (7,793)
Receipts credited to policyholders' account balances                          14,824          15,015
                                                                           ---------       ---------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                           43,785          (3,583)

INCREASE IN CASH                                                               3,073             247
Cash at beginning of year                                                     13,065          16,633
                                                                           ---------       ---------
CASH AT END OF PERIOD                                                      $  16,138       $  16,880
                                                                           =========       =========
</TABLE>


See Notes to Consolidated and Condensed Financial Statements.


                                       4
<PAGE>   5

                    THE LIBERTY CORPORATION AND SUBSIDIARIES
            NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
                                 March 31, 2000
                                   (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, 2000, 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. 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, 1999.


2.       TELEVISION STATION ACQUISITION

         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 consolidated
         financial statements since the date of acquisition. This purchase was
         funded using proceeds from the Company's credit facility.


3.       REDEMPTION OF 1994-A and 1994-B SERIES PREFERRED STOCK

         On May 25, 1999 ("the redemption date") the Company completed the
         redemption of all of the outstanding shares of its 1994-A Series voting
         cumulative preferred stock, and its 1994-B Series voting cumulative
         preferred stock. Shares were called for redemption at $35.00 per share
         and $37.50 per share for the 1994-A and 1994-B preferred stock,
         respectively, plus accrued interest from April 1, 1999 through the
         redemption date. Prior to the redemption date, all shares of the 1994-A
         Series were converted into common stock, and all but 8,170 shares of
         the 1994-B Series were converted into common stock.


4.       COMPREHENSIVE INCOME

         The components of comprehensive income, net of related income taxes,
         for the three-month periods ended March 31, 2000 and 1999,
         respectively, are as follows:


                                             Three Months Ended
                                                 March 31,
                                         ---------------------------
                                             2000          1999
                                         ------------- -------------
         (In 000's)

         Net Income                      $   15,397       $2,520
         Unrealized losses on
         securities                            (667)      (7,562)
                                         ------------- -------------
         Comprehensive income (loss)     $   14,730    $  (5,042)
                                         ============= =============


                                       5
<PAGE>   6

5.       EARNINGS PER SHARE

         The calculation of basic and diluted earnings per share is as follows:


         (In 000's except per share data)         Three Months Ended
                                                       March 31,
                                           ----------------------------------
                                                 2000              1999
                                           ------------------ ---------------
                                                      (Unaudited)
         NUMERATOR - EARNINGS:

         Net Income                        $     15,397       $      2,520
         Preferred Dividends                       (185)              (534)
                                           ------------------ ---------------

         Numerator for basic earnings
         per share                               15,212              1,986

         Effect of Dilutive Securities:

              Redeemable Preferred Stock             --                 --
              Convertible Preferred Stock           185                 --
                                           ------------------ ---------------

         Numerator for diluted earnings
         per share                         $     15,397       $      1,986
                                           ================== ===============

         DENOMINATOR - AVERAGE  SHARES
         OUTSTANDING:

         Denominator for basic earnings
         per share - weighted average
         shares                                  19,199             18,563

         Effect of Dilutive Securities:

              Restricted Stock                       11                 --
              Stock Options                         138                 --
              Redeemable Preferred Stock             --                 --
              Convertible Preferred Stock           423                 --
                                           ------------------ ---------------

         Denominator for diluted
         earnings per share                      19,771             18,563
                                           ================== ===============

         Basic Earnings Per Share                 $0.79              $0.11
         Diluted Earnings Per Share               $0.78              $0.11


The effects of the Company's outstanding restricted stock, stock options,
redeemable preferred stock, and convertible preferred stock were antidilutive
for the quarter ended March 31, 1999.


                                       6
<PAGE>   7

6.       SEGMENT REPORTING

         The Company operates primarily in the television broadcasting and life
         insurance industries. The Company currently has five reportable
         segments. All segments except television broadcasting are included in
         Insurance Operations. The Company evaluates segment performance based
         on several factors. For segments that are comprised of a separate
         company (LIS and Cosmos) the primary factor is net income excluding
         unusual, non-operating items. For those segments that are not separate
         companies performance is evaluated based on income before income taxes
         excluding realized gains and losses and unusual, non-operating items.
         See the Company's 1999 Annual Report on Form 10K for additional
         information on the types of operations for each of the Company's
         segments.

         During the first quarter of 2000 the Company amended the inter-company
         service contract between Liberty Life and Liberty Insurance Services.
         The previous contract had generally been based on the actual cost of
         the services to LIS. Beginning in 2000 the contract was amended to be
         more representative of a market rate contract. For segment reporting
         purposes the 1999 information has been restated to reflect the new
         terms of the contract. There was no change in the overall insurance
         operating, nor the consolidated, results.

         The following tables summarize financial information by segment for the
         three-month periods ended March 31, 2000 and 1999. The adjustments
         column reflects unallocated realized investment gain and losses,
         unallocated income taxes, and any unusual non-operating items:

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------
For the quarter              Liberty     LIS                                    Cosmos -
ended March 31,     Liberty  Life      Insurance                       Total    Television
2000                 Life    Liberty   Admin-    Corporate  Adjust-  Insurance   Broad-     Elimin-    Total
(in thousands)      Agency   Direct    istration  & Other    ments   Operations  casting    ations  Consolidated
----------------------------------------------------------------------------------------------------------------
<S>                 <C>       <C>       <C>       <C>       <C>       <C>        <C>       <C>       <C>
Outside revenues    $50,582   $31,079   $ 5,306   $ 9,629   $ 6,128   $102,724   $42,733   $      -  $  145,457

Intersegment
revenues                  -         -     9,063     5,239         -     14,302         -    (14,302)         -

Segment profit
(loss) before
income taxes          3,806     2,433     1,614     6,962     6,128     20,943     2,443                 23,386

Income tax
expense (benefit)                           622               6,266      6,888     1,101                  7,989
                                       ---------                     --------------------            -----------

Segment net income
                                       $    992                      $  14,055  $  1,342             $   15,397
                                       =========                     ====================            ===========
</TABLE>

During the first quarter of 2000, total assets for the television broadcasting
operations increased approximately $54.2 million to $377.5 million due mainly to
the acquisition of KCBD during the first quarter of 2000. Total assets of the
other segments did not change materially since December 31, 1999.


                                       7
<PAGE>   8


<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------
For the quarter              Liberty     LIS                                    Cosmos -
ended March 31,     Liberty  Life      Insurance                       Total    Television
2000                 Life    Liberty   Admin-    Corporate  Adjust-  Insurance   Broad-     Elimin-    Total
(in thousands)      Agency   Direct    istration  & Other    ments   Operations  casting    ations  Consolidated
----------------------------------------------------------------------------------------------------------------
<S>                 <C>       <C>       <C>       <C>       <C>       <C>        <C>       <C>        <C>
Outside revenues    $51,702   $29,711   $ 4,668   $ 6,999  $(8,344)   $ 84,736  $ 39,866   $      -   $ 124,602

Intersegment
revenues                  -         -    10,244     5,300        -      15,524         -    (15,524)          -

Segment profit
(loss) before
income taxes          2,197     1,655       580     3,674   (8,344)       (238)    3,700                  3,462

Income tax
expense (benefit)                          (385)               142        (243)    1,185                    942
                                       ---------                     --------------------           -----------

Segment net income
                                       $    372                         $    5  $  2,515            $     2,520
                                       =========                     ====================           ===========
</TABLE>


7.       COMMITMENTS AND CONTINGENCIES

         At March 31, 2000, the Company had made commitments as shown below:

         (In 000's)

           Investment real estate                                $  547
           Mortgage loans and fixed maturity securities           5,260
           Other                                                  3,785
                                                                 ------
                                                                 $9,592
                                                                 ======

8.       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. Such reclassifications had no effect on previously
         reported net income, total assets, or shareholders' equity.


                                       8
<PAGE>   9

                                 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 in insurance and
broadcasting. Liberty ("the Company") markets its insurance products through
Liberty Life Insurance Company. Additionally, Liberty is one of the nation's
largest life insurance third-party administrators through Liberty Insurance
Services Corporation. The Company's broadcasting subsidiary, Cosmos
Broadcasting, consists of twelve network-affiliated stations in the Southeast
and Midwest. Seven stations are affiliated with NBC, three with ABC, and two
with CBS.


SIGNIFICANT TRANSACTIONS AFFECTING COMPARABILITY BETWEEN PERIODS

TELEVISION STATION ACQUISITIONS

As noted above, on February 29, 2000 the Company acquired KCBD-TV, the NBC
affiliate in Lubbock, Texas in a cash transaction for approximately $59.8
million. The purchase was funded with borrowings from the Company's credit
facility. This acquisition was accounted for as a purchase with the results of
operations included in the accompanying consolidated financial statements from
the date of acquisition.

REDEMPTION OF 1994-A AND 1994-B SERIES PREFERRED STOCK

On May 25, 1999 ("the redemption date") the Company completed the redemption of
all of the outstanding shares of its 1994-A Series voting cumulative preferred
stock, and its 1994-B Series voting cumulative preferred stock. Shares were to
be redeemed at $35.00 per share and $37.50 per share for the 1994-A and 1994-B
preferred stock, respectively, plus accrued interest from April 1, 1999 through
the redemption date. Prior to the redemption date, all shares of the 1994-A
Series were converted into common stock, and all but 8,170 shares of the 1994-B
Series were converted into common stock.


RESULTS OF OPERATIONS

Liberty reported consolidated first quarter 2000 net income of $15.4 million
compared with net income of $2.5 million for the first quarter of 1999 (see
table below). Operating earnings (which exclude net realized investment gains
and losses) were $10.8 million, an increase of approximately 36% over the $7.9
million reported in the comparable prior-year quarter. Contributing to the
increase in operating earnings were increases in each of the insurance segments,
partially offset by a slight decrease in the broadcasting segment.


<TABLE>
<CAPTION>
                                                            Three Months Ended March
                                                                      31,
                                                           ---------------------------
                                                             2000            1999
                                                          ------------    ------------
<S>                                                       <C>             <C>
Insurance revenues                                        $    96,596     $    93,080
Broadcasting revenues                                          42,733          39,866
                                                          ------------    ------------
Total revenues (excluding realized gains and losses)          139,329         132,946
                                                          ============    ============

Insurance operating earnings                              $     9,434     $     5,386
Broadcasting operating earnings                                 1,342           2,515
                                                          ------------    ------------
Total operating earnings                                       10,776           7,901
Net realized investment gains (losses)                          4,621          (5,381)
                                                          ------------    ------------
Net income                                                $    15,397     $     2,520
                                                          ============    ============
</TABLE>

Consolidated revenues (excluding realized gains and losses) increased $6.4
million (5%) compared with the first quarter of 1999. Insurance revenues
increased $3.5 million (4%) while broadcasting revenues increased $2.9 million
(7%).



                                       9
<PAGE>   10

Insurance operating earnings increased $4.0 million from the prior year first
quarter. Contributing to the increase was a $1.8 million improvement from
Liberty Life, a $0.6 million increase in Liberty Insurance Services, and a $1.6
million increase from the corporate operations.

Liberty Life reported operating earnings of $6.9 million for the first quarter
of 2000 compared with $5.1 million for the first quarter of 1999. Contributing
to the earnings increase were higher premiums in Liberty Direct, lower lapses in
both Agency and Liberty Direct which led to lower deferred acquisition cost
amortization, lower overall expenses, and higher investment income. Partially
offsetting the increased revenue, was an increase in benefit costs.

Liberty Insurance Services contribution to first quarter 2000 results were $0.6
million higher than the first quarter 1999 as a result of improved margins on
client accounts. The margin increases resulted from improved efficiencies and
expense control throughout the organization.

The broadcasting operations reported operating earnings of $1.3 million, down
$1.2 million from the $2.5 million reported in the prior-year first quarter. A
marginal amount of the decline was from the KCBD acquisition with the remainder
coming from higher expenses. Total revenues increased 7% with same station
revenue from television operations increasing 1%. The remainder of the revenue
increase came from the contribution of KCBD and from growth in cable advertising
sales revenues. Total expenses increased 12% with the majority of the expense
increase coming from the impact of KCBD. There were also higher expenses related
to the growth in the cable sales operation and start-up expenses connected with
SuperCoups, a direct-mail coupon business Cosmos is building.

Broadcast advertising revenues are generally highest in the second and fourth
quarters 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. In addition, broadcast advertising revenues are generally higher
during even numbered election years due to spending by political candidates and
other political advocacy groups, which spending typically is heaviest during the
fourth quarter.

INVESTMENTS

As of March 31, 2000, Liberty's consolidated investment portfolio was carried at
$1.3 billion. Approximately 70% of consolidated invested assets were in fixed
maturity securities (bonds and redeemable preferred stocks), 18% were in
mortgage loans, 7% in policy loans, with the balance consisting of equity
securities (2%), real estate (2%), and other long term investments (1%).

During the first quarter of 2000 the Company reallocated a significant portion
of its equity portfolio into fixed income securities. During January and
February approximately $50 million (70%) of its equity portfolio was liquidated,
with the proceeds used to purchase fixed income securities.

The overall average investment rating of fixed maturity securities as of March
31, 2000 was A+. Less than investment grade securities comprised 4.7% of the
fixed maturity portfolio at March 31, 2000, compared with 4.5% at December 31,
1999.

In accordance with the provisions of SFAS No. 115, "Accounting for Certain
Investments in Debt and Equity Securities", the Company reported in its balance
sheet an unrealized loss of $1.9 million on fixed maturity securities available
for sale and equity securities at March 31, 2000. This compares with an
unrealized loss of $1.2 million at December 31, 1999. Due to the requirements of
SFAS No. 115, shareholders' equity will be subject to future volatility from the
effects of interest rate fluctuations on the fair value of fixed maturity
securities.

CAPITAL, FINANCING AND LIQUIDITY

At March 31, 2000 the Company's borrowings and notes payable amounted to $285.8
million, an increase of $50.5 million from the $235.3 million outstanding at
December 31, 1999. The increase is due to the timing of the purchase of the KCBD
television station in February of 2000 for approximately $59.8 million.

Other Company commitments are shown in Note 7 contained in the accompanying
financial statements. Additional detail as to commitments and financing is
contained in the Notes to the Consolidated Financial Statements in the Company's
annual report on Form 10K for the year ended December 31, 1999.

Further discussion of investments and valuation is contained in Notes 1 and 2 to
the Consolidated Financial Statements in the Company's Annual Report on Form 10K
for the year ended December 31, 1999.


                                       10
<PAGE>   11

CASH FLOWS

The Company's net cash flow from operating activities was $9.1 million for the
first quarter of 2000 compared to $6.7 million for the same period of 1999. The
Company's net cash used in investing activities was $49.8 million for the
quarter ended March 31, 2000, compared $2.9 million for the same period of 1999.
Of the $49.8 million of net cash used in investing activities in 2000, $59.8
million represents the cash used to purchase KCBD in February of 2000. Net cash
provided by financing activities for the quarter ended March 31, 2000 was $43.8
million, compared to net cash used in financing activities of $3.8 million for
the first quarter of 1999.


IMPACT OF YEAR 2000

The Year 2000 issue is the result of computer programs written to use two digits
rather than four to define the applicable year. Any computer programs or
hardware that have date sensitive software or embedded chips may recognize a
date using "00" as the year 1900 rather than the year 2000. This could result in
a system failure or miscalculations causing disruptions of operations including
among other things, a temporary inability to process transactions, send premium
billings, pay personnel properly, or engage in normal business activities.

To date, the Company has not experienced any disruptions in its operations as a
result of Year 2000 issues. The Company will continue to monitor its systems and
operations for the remainder of the year for problems or issues related to the
Year 2000.


ACCOUNTING DEVELOPMENTS

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


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, including the
performance of financial markets and interest rates; competitive, regulatory, or
tax changes that affect the cost of or demand for the Company's products; and
adverse litigation results. 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.


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

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

         (b) The filing of Form 8-K was not required during the first quarter of
             2000.



                                INDEX TO EXHIBITS

EXHIBIT 10.2      The Liberty Corporation Performance Incentive Compensation
                  Program, as amended and restated on February 1, 2000

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

EXHIBIT 27        Financial Data Schedule (Electronic Filing Only)


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                                   SIGNATURES


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






THE LIBERTY CORPORATION                                Date: May 12, 2000
-----------------------
(Registrant)




/s/ Kenneth W. Jones
--------------------
Kenneth W. Jones
Corporate Controller




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



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