<PAGE>   1


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

(Mark One)

[x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the quarterly period ended June 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.)

        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 June 30, 2001
              -------------------               ----------------------------

              Common Stock                               19,575,393



<PAGE>   2

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


<TABLE>
<CAPTION>
(In 000's)                                                                          JUNE 30,             December 31,
                                                                                      2001                   2000
                                                                               -------------------     -----------------
<S>                                                                            <C>                     <C>
ASSETS                                                                            (Unaudited)

Current assets:
  Cash and cash equivalents                                                    $         21,608        $        149,003
  Receivables (net of allowance for doubtful accounts)                                   38,371                  40,561
  Program rights                                                                          3,681                   5,561
  Prepaid and other current assets                                                        3,389                  46,194
  Deferred income taxes                                                                   8,656                  15,109
                                                                                                                256,428
                                                                               -------------------     -----------------
       Total current assets                                                              75,705                 256,428

Property Plant and Equipment
  Land                                                                                    5,494                   5,494
  Buildings and improvements                                                             34,164                  33,152
  Furniture and equipment                                                               154,331                 149,784
  Less: Accumulated depreciation                                                       (108,154)                (99,389)
                                                                               -------------------     -----------------
                                                                                         85,835                  89,041


Intangibles (net of accumulated amortization)                                           495,256                 501,693
Other assets                                                                             45,953                  48,845
                                                                               -------------------     -----------------
       Total assets                                                            $        702,749        $        896,007
                                                                               ===================     =================

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
  Accounts payable and accrued expenses                                        $         17,209        $         68,517
  Program contract obligations                                                            3,472                   5,578
  Accrued income taxes                                                                    2,468                 138,297
                                                                                                                212,392
                                                                               -------------------     -----------------
       Total current liabilities                                                         23,149                 212,392

Deferred income taxes                                                                    91,498                  92,797
Other liabilities                                                                         9,362                   9,825
                                                                               -------------------     -----------------
Total liabilities                                                                       124,009                 315,014
                                                                               -------------------     -----------------

Shareholders' Equity
 Common Stock                                                                            98,733                  99,033
 Unearned Stock Compensation                                                             (4,135)                     --
 Retained Earnings                                                                      484,194                 481,270
   Unrealized Investment Gains                                                              (52)                    690
                                                                               -------------------     -----------------
     Total Shareholders' Equity                                                         578,740                 580,993
                                                                               -------------------     -----------------
       Total Liabilities and Shareholders' Equity                              $        702,749        $        896,007
                                                                               ===================     =================
</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               Six Months Ended
                                                                            June 30,                         June 30,
                                                                  -----------------------------    ----------------------------
(In 000's, except per share data)                                     2001            2000            2001             2000
                                                                  -------------    ------------    -----------     ------------
<S>                                                               <C>              <C>             <C>             <C>
                                                                                          (Unaudited)

REVENUES
 Station revenues (net of commissions)                            $    44,727      $    40,683     $  84,237       $    74,679
 Cable advertising and other revenues                                   3,227            3,342         5,882             6,305
                                                                  -------------    ------------    -----------     ------------
   NET REVENUES                                                        47,954           44,025        90,119            80,984

EXPENSES
Operating expenses                                                     26,098           23,112        51,873            44,979
Amortization of program rights                                          1,976            1,566         3,936             3,088
Depreciation and amortization of intangibles                            7,431            4,933        15,283             9,592
Corporate, general, and administrative expenses                         3,216            2,677         6,098             5,364
                                                                  -------------    ------------    -----------     ------------
   TOTAL OPERATING EXPENSES                                            38,721           32,288        77,190            63,023

       OPERATING INCOME                                                 9,233           11,737        12,929            17,961

Net investment income                                                   2,509              560         5,737            11,292
Interest expense                                                           --            4,896            --             8,391
                                                                  -------------    ------------    -----------     ------------
       INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES           11,742            7,401        18,666            20,862

Provision for income taxes                                              4,462            2,989         7,093             8,563
                                                                  -------------    ------------    -----------     ------------
       INCOME FROM CONTINUING OPERATIONS                                7,280            4,412        11,573            12,299

Income from discontinued operations (net of taxes)                         --           10,978            --            18,488
                                                                  -------------    ------------    -----------     ------------

      NET INCOME                                                  $     7,280      $    15,390     $  11,573       $    30,787
                                                                  =============    ============    ===========     ============


EARNINGS PER SHARE:
Basic earnings per common share from continuing operations           $0.37               $0.22       $0.59               $0.62
Basic earnings per common share from discontinued operations           --                 0.57         --                 0.96
                                                                  -------------    ------------    -----------     ------------
Basic earnings per common share                                      $0.37               $0.79       $0.59               $1.58

Diluted earnings per common share from continuing operations         $0.37               $0.22       $0.59               $0.62
Diluted earnings per common share from discontinued operations         --                 0.56         --                 0.94
                                                                  -------------    ------------    -----------     ------------
Diluted earnings per common share                                    $0.37               $0.78       $0.59               $1.56


Dividends Per Common Share                                           $0.22               $0.22       $0.44               $0.44
</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>
                                                                                          Six Months Ended June 30,
                                                                                   -----------------------------------------
(In 000's)                                                                                2001                  2000
                                                                                   -----------------------------------------
<S>                                                                                <C>                    <C>
                                                                                                  (Unaudited)
OPERATING ACTIVITIES
Net Income                                                                         $         11,573       $      12,299
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
     Gain on sale of operating assets                                                            62                  --
     Realized investment (gains) losses                                                      (1,459)             (8,631)
     Depreciation                                                                             8,827               6,110
     Amortization of intangibles                                                              6,456               3,482
     Amortization of program rights                                                           3,936               3,088
     Cash paid for program rights                                                            (3,979)             (2,977)
     Provision for deferred income taxes                                                      5,154               2,203
Changes in operating assets and liabilities:
     Receivables                                                                              2,190              (2,964)
     Other assets                                                                            45,461               7,621
     Accounts payable and accrued expenses                                                  (51,308)             (1,304)
     Accrued income taxes                                                                  (135,829)              5,876
     Other liabilities                                                                         (463)            (10,747)
     All other operating activities, net                                                       (605)              5,817
     Net cash (used in) provided by operating activities of discontinued operations              --             (11,900)
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                        (109,984)              7,973

INVESTMENT ACTIVITIES
Purchase of property and equipment                                                           (5,699)             (5,141)
Net cash paid for purchase of television stations                                                --             (59,782)
Investment securities sold                                                                    1,245              11,245
Investment securities acquired                                                                   --                (634)
Proceeds from sale of investment properties                                                     843               2,869
Other (net)                                                                                      16                  --
Net cash provided by (used in) investing activities of discontinued operations                   --              (1,818)
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES                                          (3,595)            (53,261)

FINANCING ACTIVITIES
Proceeds from borrowings                                                                         --           1,642,500
Principal payments on debt                                                                       --          (1,603,500)
Dividends paid                                                                               (8,649)             (8,921)
Stock issued for employee benefit and compensation programs                                   4,475                 145
Repurchase of common stock                                                                   (9,642)            (10,428)
Net cash provided by financing activities of discontinued operations                             --              15,657
                                                                                   -------------------    ------------------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                         (13,816)             35,453

(DECREASE) INCREASE  IN CASH                                                               (127,395)             (9,835)
Cash at beginning of period                                                                 149,003              11,870
                                                                                   -------------------    ------------------
CASH AT END OF PERIOD                                                              $         21,608       $       2,035
                                                                                   ===================    ==================
</TABLE>

See Notes to Consolidated and Condensed Financial Statements.


                                       4
<PAGE>   5

                    THE LIBERTY CORPORATION AND SUBSIDIARIES
            NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
                                  June 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>   6
                                             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 six-month periods ended June 30, 2001 and 2000,
      respectively, are as follows:


<TABLE>
<CAPTION>
                                                                   Three Months Ended             Six Months Ended
                                                                        June 30,                      June 30,
                                                                 ------------------------    ---------------------------
                                                                     2001      2000              2001          2000
                                                                 ------------- ----------    ------------- -------------
<S>                                                                  <C>       <C>              <C>            <C>
         (In 000's)

         Net Income                                                  $7,280    $  15,390        $11,573        $30,787
         Unrealized gains / (losses) on securities                     (369)      (3,474)          (742)        (4,141)
                                                                 ------------- ----------    ------------- -------------
         Comprehensive income (loss)                                 $6,911    $  11,916        $10,831        $26,646
                                                                 ============= ==========    ============= =============
</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               SIX MONTHS
                                                    ENDED                     ENDED
                                                  JUNE 30,                  JUNE 30,
                                              -----------------         ----------------
                                                    2000                     2000
                                              -----------------         ----------------
<S>                                           <C>                       <C>

         Revenues                             $      94,018             $     185,864
         Expenses                                    77,498                   159,419
                                              -----------------         ----------------
         Income before taxes from
             discontinued operations                 16,520                    26,445
         Income taxes                                 5,542                     7,957
                                              -----------------         ----------------
         Income from discontinued
            operations                        $      10,978             $      18,488
                                              =================         ================
</TABLE>


                                       6
<PAGE>   7
                                             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 six-month periods ended 30, 2001
      and 2000:

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED                         SIX MONTHS ENDED
                                                                 JUNE 30,                                  JUNE 30,
                                                      -------------------------------           -----------------------------
                                                          2001              2000                   2001             2000
                                                      -------------     -------------           ------------    -------------
<S>                                                   <C>                 <C>                   <C>             <C>
         REVENUE
            Broadcasting                              $    44,727         $ 40,683              $    84,237     $   74,679
            Cable advertising                               3,086            2,785                    5,300          5,270
            Other                                             141              557                      582          1,035
                                                      -------------     -------------           ------------    -------------
         TOTAL REVENUE                                $    47,954         $ 44,025              $    90,119     $   80,984
                                                      =============     =============           ============    =============

         INCOME FROM CONTINUING OPERATIONS BEFORE
           INCOME TAXES
            Broadcasting                              $     9,303         $ 14,764              $    16,300     $   24,113
            Cable advertising                                 324              243                      (80)           337
            Corporate & other                               2,115           (7,606)                   2,446         (3,588)
                                                      -------------     -------------           ------------    -------------
         TOTAL INCOME FROM CONTINUING OPERATIONS
         BEFORE INCOME TAXES                          $    11,742        $   7,401              $    18,666     $   20,862
                                                      =============     =============           ============    =============
</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>   8
                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued

7.    EARNINGS PER SHARE

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


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

         Income from continuing operations              $    7,280      $    4,412            $   11,573      $   12,299
         Preferred dividends                                    --            (180)                   --            (365)
                                                        -----------     -------------         ------------    ------------
         Numerator for basic earnings per common
              share from continuing  operations         $    7,280      $    4,232            $   11,573      $   11,934
         Effect of dilutive securities                          --             180                    --             365
                                                        -----------     -------------         ------------    ------------
         Numerator for diluted earnings per common
              share from continuing operations          $    7,280      $    4,412            $   11,573      $   12,299
                                                        ===========     =============         ============    ============

         DENOMINATOR - AVERAGE SHARES OUTSTANDING:

         Denominator for basic earnings per common
              share from continuing operations -
              weighted average shares                       19,607          19,186                19,590          19,198

         Effect of dilutive securities:
                 Preferred stock                                --             417                    --             420
              Stock options                                     95              48                    75              93
                                                        -----------     -------------         ------------    ------------
         Denominator for diluted earnings per common
              share from continuing operations              19,702          19,651                19,665          19,711
                                                        ===========     =============         ============    ============

         Basic earnings per common share from
              continuing operations                          $0.37            $0.22              $0.59             $0.62
         Diluted earnings per common share from
              continuing operations                          $0.37            $0.22              $0.59             $0.62
</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 six months of 2001.

9.    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.



                                       8
<PAGE>   9

                                             Notes to Consolidated and Condensed
                                               Financial Statements -- continued

      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 most
      companies, 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.

10.   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>   10

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

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

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


SIGNIFICANT TRANSACTIONS AFFECTING COMPARABILITY BETWEEN PERIODS

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

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

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

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


RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THREE MONTHS ENDED JUNE 30, 2000

Net revenues were $48.0 million for the second quarter of 2001, an increase of
$4.0 million over the $44.0 million reported for the second quarter of 2000. On
a pro forma basis, as if the Company operated all stations owned at the end of
the quarter for the entire period, net revenue decreased eight percent.


                                       10
<PAGE>   11

                                 Management's Discussions and Analysis continued

Operating expenses, which included amortization of program rights, were $28.1
million for the second quarter of 2001, an increase of $3.4 million over the
$24.7 million reported for the second quarter of 2000. The increase in operating
expense is attributable to the three station acquisitions made during 2000. On a
pro forma basis operating expenses decreased two percent.

Depreciation and amortization was $7.4 million for the second quarter of 2001,
an increase of $2.5 million over the $4.9 million reported for the second
quarter of 2000. The increase in depreciation and amortization expense is
directly attributable to the three station acquisitions made during 2000.

Corporate, general, and administrative expenses were $3.2 million for the second
quarter of 2001, an increase of $0.5 million over the $2.7 million reported for
the second quarter of 2000.

Net investment income was $2.5 million for the second quarter of 2001, an
increase of $1.9 million over the $0.6 million reported for the second quarter
of 2000. The increase in net investment income is due to realized gains in the
Company's equity and real estate portfolios.

The Company incurred no interest expenses during the second 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
$4.9 million of interest expense during the second quarter of 2000.


SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO SIX MONTHS ENDED JUNE 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 June
30, 2001 and 2000 above for details.

Net revenues were $90.0 million for the six-month period ended June 30, 2001, an
increase of $9.0 million over the $81.0 million reported for the six-month
period ended June 30, 2000. On a pro forma basis, as if the Company operated all
stations owned at June 30, 2001 for the entire period, net revenue decreased
seven percent.


Operating expenses, which included amortization of program rights, were $55.8
million for the six-month period ended June 30, 2001, an increase of $7.7
million over the $48.1 million reported for the six-month period ended June 30,
2000. On a pro forma basis, operating expenses were down two percent as compared
to the prior-year period.

Depreciation and amortization was $15.3 million for the six-month period ended
June 30, 2001, an increase of $5.7 million over the $9.6 million reported for
the six-month period ended June 30, 2000.

Corporate, general, and administrative expenses were $6.1 million for the
six-month period ended June 30, 2001, an increase of $0.7 million over the $5.4
million reported for the six-month period ended June 30, 2000.

Net investment income was $5.7 million for the six-month period ended June 30,
2001 a decrease of $5.6 million from the $11.3 million reported for the
six-month period ended June 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.



                                       11
<PAGE>   12

                                 Management's Discussions and Analysis continued

The Company incurred no interest expenses during the first six 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
$8.4 million of interest expense during the six-month period ended June 30,
2000.


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         SIX MONTHS ENDED
                                         JUNE 30,                 JUNE 30,
                                   --------------------      --------------------
                                     2001         2000         2001         2000
                                   -------      -------      -------      -------
<S>                                <C>          <C>          <C>          <C>
Operating income                   $ 9,233      $11,737      $12,929      $17,961
One time charges(1)                     --          245           --          449
                                   -------      -------      -------      -------
ADJUSTED OPERATING INCOME            9,233       11,982       12,929       18,410
Add:
Depreciation and amortization        7,431        4,933       15,283        9,592
Non-cash compensation                  233          243          309          562
                                   -------      -------      -------      -------
OPERATING CASH FLOW                 16,897       17,158       28,521       28,564
Corporate cash expenses              2,984        2,432        5,789        4,802
                                   -------      -------      -------      -------
BROADCAST CASH FLOW                $19,881      $19,590      $34,310      $33,366
                                   =======      =======      =======      =======
</TABLE>

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

Broadcast cash flow was $19.9 million for the second quarter of 2001, compared
with $19.6 million for the prior-year second quarter. Broadcast cash flow was
$34.3 million for the first half of 2001, compared with $33.4 million for the
prior-year period. The increase in broadcast cash flow for both the current
quarter and year-to-date is attributable to the stations acquisitions completed
during the last quarter of 2000.

CAPITAL, FINANCING AND LIQUIDITY

At June 30, 2001 the Company had cash of $21.6 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 of $110 million for the
first six months of 2001 compared to cash provided of $8.0 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 $3.6


                                       12
<PAGE>   13

                                 Management's Discussions and Analysis continued

million for the six month period ended June 30, 2001, as compared $53.3 million
for the same period of 2000. The decrease in net cash used in investing
activities is attributable to the acquisition of KCBD during the first half of
2000 with no corresponding acquisitions during the first half of 2001. Net cash
used in financing activities for the six months ended June 30, 2001 was $13.4
million compared to net cash provided by financing activities of $35.5 million
for the first six months of 2000. The decrease in net cash provided by financing
activities is due mainly to the absence of net borrowings in 2001 as compared to
2000, and 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 most companies, 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>   14


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

      a.    The annual meeting of shareholders of the registrant was held May 8,
            2001.

      b.    The following individuals were elected to serve for one-year terms:
            Frank E. Melton, and John H. Mullin, III. The following individuals
            were elected to serve for three-year terms: Edward E. Crutchfield,
            John R. Farmer, and William O. McCoy.

      c.    Matters voted upon at the annual meeting were as follows:

<TABLE>
<CAPTION>
                                                                                Withheld/      Broker
                                                         For        Against    Abstentions    Non-votes
            -------------------------------------------------------------------------------------------
<S>                                                   <C>           <C>         <C>              <C>

            To elect as director:
            Edward E. Crutchfield                     14,598,801      --        2,847,763        --
            John R. Farmer                            14,598,801      --        2,847,763        --
            William O. McCoy                          14,598,801      --        2,847,763        --
            Frank E. Melton                           14,594,051      --        2,852,513        --
            John H. Mullin III                        14,598,801      --        2,847,763        --

            To approve Ernst & Young as independent
            auditors:                                 17,341,788    69,138        35,638         --
</TABLE>


      d.    There were no settlements between the registrant and any other
            participants.



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 May 8,
                  2001 with respect to the press release announcing its first
                  2001 operating results.

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



INDEX TO EXHIBITS



EXHIBIT 10        $100 Million Credit Agreement Dated as of March 21, 2001

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


                                       14
<PAGE>   15


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:  August 9, 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