Complex sentence: When Liberty bowed out of the insurance business in 2000, WAVE came directly under the Liberty banner and in August 2005, Liberty announced that it was being purchased by Raycom Media of Montgomery, Alabama.
Split into simpler sentences: When Liberty bowed out of the insurance business in 2000, WAVE came directly under the Liberty banner. In August 2005, Liberty announced that it was being purchased by Raycom Media of Montgomery, Alabama.