-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VTvvi8IFRyOhdFgaB9KGKzHU8COAz8Z6ZRhYgeUT9K9ea1IMVgbXKvx+/gRO5JNl de/YzuLJAdbgk47jn3M9Ag== 0000950144-01-503590.txt : 20010615 0000950144-01-503590.hdr.sgml : 20010615 ACCESSION NUMBER: 0000950144-01-503590 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY CORP CENTRAL INDEX KEY: 0000059229 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 570507055 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-05846 FILM NUMBER: 1660846 BUSINESS ADDRESS: STREET 1: 2000 WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29615 BUSINESS PHONE: 8646098256 MAIL ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 11-K 1 g70067e11-k.txt THE LIBERTY CORPORATION 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 11-K (Mark One) [XX] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000 ------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 1-5846 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: The Cosmos Broadcasting Corporation Retirement and Savings Plan --------------------------------------------------------------- B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: THE LIBERTY CORPORATION - -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) South Carolina 57-0507055 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Post Office Box 789, Wade Hampton Boulevard, Greenville, S. C. 29602 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (864) 609-8256 1 2 REQUIRED INFORMATION A. Financial Statements Report of Independent Auditors 9 Statements of Net Assets Available for Benefits 10 Statements of Changes in Net Assets Available for Benefits 11 Notes to Financial Statements 12 B. Exhibits Consent of Independent Auditors 18 2 3 SIGNATURES THE PLAN. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. The Cosmos Broadcasting Corporation Retirement and Savings Plan - --------------------------------------------------------------- (Name of Plan) The Liberty Corporation DATE: JUNE 14, 2001 - ----------------------- (Registrant/Issuer) /s/ Howard L. Schrott - --------------------- Howard L. Schrott Chief Financial Officer /s/ Martha G. Williams - ---------------------- Martha G. Williams Vice President, General Counsel and Secretary 3 4 ITEM 1. PLAN HISTORY PLAN AMENDED AND RESTATED. Effective April 1, 1997, the net assets of The Liberty Corporation and Adopting Related Employers' 401(k) Thrift Plan merged with The Cosmos Broadcasting Corporation Profit Sharing Retirement Plan and Trust (for all applicable Cosmos participants). The merged plan was renamed The Cosmos Broadcasting Corporation Retirement and Savings Plan. The merged plan provides expanded investment selections and will retain the voluntary contribution, matching contribution, and profit sharing features for eligible Cosmos employees of the predecessor plan. During the Plan year 2000, January 1, 2000 - October 31, 2000, the Plan covered only employees of The Cosmos Broadcasting Corporation, Cablevantage and Supercoups that had completed 1,000 hours of service in a calendar year or in the first 12 months of employment. Effective November 1, 2000 the Plan covers employees of The Liberty Corporation and Special Services that met the years of service requirement also. ITEM 2. CHANGES IN INVESTMENT POLICY None. ITEM 3. CONTRIBUTIONS UNDER THE PLAN EMPLOYER'S PRETAX CONTRIBUTIONS Contributions under the Plan by The Cosmos Broadcasting Corporation, Cablevantage, Supercoups, The Liberty Corporation and Special Services (the "Company") are measured by reference to the employees' contributions which may be on a pre-tax or after-tax basis. Employer matching contributions are made only on pre-tax employee contributions in accordance with a formula set each year by the employer's board of directors. During 2000, the Company contributed an amount equal to 100% of a participant's pre-tax contribution, up to a maximum of 3% of the participant's compensation. Employer pre-tax matching contributions totaling $1,048,000 from January 1, 2000 to December 31, 2000 were credited to the accounts of participating employees of the "Company". EMPLOYER'S DISCRETIONARY CONTRIBUTIONS In addition to making a matching pre-tax contribution, The Cosmos Broadcasting Corporation may make a separate discretionary contribution at the discretion of the Company's Board of Directors. If the Company elects to make a profit sharing contribution, it will be allocated among all participants who (1) are employed by the Company at the end of the applicable year and are credited with at least 1,000 hours of service for that year or (2) retire, die or become disabled during the applicable year. This allocation will be made after the end of the applicable year and will be based on each participant's compensation relative to the total compensation of all eligible participants (without regard to the participant's voluntary contributions). Employer discretionary contributions totaling $2,188,000 in 2000, were credited to the accounts of participating employees. ITEM 4. PARTICIPATING EMPLOYEES There were 1,406 enrolled participants in the Plan as of December 31, 2000. 4 5 ITEM 5. ADMINISTRATION OF THE PLAN (a) Parties responsible for the administration of the Plan are: (1) the Employee Benefits Committee, made up of at least three members named by the Company, (2) the Trustee and (3) the Plan Administrator which is named by the Employee Benefits Committee. ITEM 5. ADMINISTRATION OF THE PLAN The Employee Benefits Committee is responsible for the administration and operation of the Plan, except as to responsibilities which have been specifically assigned to the Trustee, to an Investment Manager, or to the Plan Administrator. Present members of the Employee Benefits Committee are employed by the "Company" and include the following: Prior to December 15, 2000 ---------------------------- Artie L. Bedard Mary Anne Bunton Faith E. Gibson Quentin Kenney Pamela A. Purvis Samuel H. Schaeffer G. Neil Smith Sandra Carpenter Thompson Evon A. Trotter Stephen Watkins, Jr. Effective December 15, 2000 --------------------------- Guy W. Hempel W. Hayne Hipp James M. Keelor Leon D. Long G. Neil Smith Martha G. Williams The Trustee is responsible for the management, investment and control of the assets of the Trust established by the Plan, and for the disbursements of benefits therefrom, except to the extent that the Trustee may be relieved of investment responsibility by the appointment of an Investment Manager or by direction of the Plan Committee. The present Trustee is Institutional Trust Company, 7800 East Union Avenue, Denver, Colorado 80217-3709. Neuberger & Berman Pension Management, Inc. is the Investment Manager of the Neuberger & Berman Common Stock Fund. Neuberger & Berman's address is 522 Fifth Avenue, New York, New York 10036. Liberty Investment Committee selects investment managers for each fund. Each fund is managed by its appointed investment manager and each investment manager has investment responsibility for designated fund. The Plan Administrator is currently Cosmos which is responsible for the daily administration and operational functions of the Plan, including filing all reports with governmental agencies, providing Plan participants with information, preparing year-end reports to participants, maintaining all required records, interpreting the provisions of the Plan and settling disputes over the rights of employees, participants and beneficiaries. Invesco Retirement Information Services assists the Plan Administrator with certain administrative services, including recordkeeping. 5 6 ITEM 5. ADMINISTRATION OF THE PLAN(CONTINUED) (b) For the year ended December 31, 2000, expenses of administration of the Plan of approximately $420,000, including fees and expenses of Trustee, Institutional Trust Company, and one of the Investment Managers, Neuberger & Berman, and recordkeeper, Invesco Retirement Plan Services, and external auditors, Ernst & Young LLP were incurred and are paid out of the assets of the Plan. ITEM 6. CUSTODIAN OF INVESTMENTS (a) Invesco Retirement Plan Services, 1201 Peachtree Street, N.E., Atlanta, Georgia 30361. (b) The Trustee, Institutional Trust Company, and the recordkeeper, Invesco Retirement Plan Services received $181,000 in total during the year ended December 31, 2000. (c) No bond was furnished by Invesco Retirement Plan Services, the custodian of the Plan. ITEM 7. REPORTS TO PARTICIPATING EMPLOYEES Each Plan participant receives a quarterly statement showing the balance in his Plan account (including a breakdown of the amounts invested in each investment fund offered), amounts contributed by him and by his Employer, dividends, interest and other gains credited to his account, any amounts forfeited or otherwise charged against his account, and additional shares purchased if the employee has elected to have some or all of his and his Employer's contributions invested in the Company's stock. These individualized reports, a copy of the proxy statement and a copy of the summary annual report are the reports that were distributed to Plan participants during the year ended December 31, 2000. ITEM 8. INVESTMENT OF FUNDS (a) For the period January 1, 2000 to December 14, 2000, employee contributions and matching Employer contributions could be invested in the following funds available for investment under the Plan:
Name of Fund Description of Fund - ---------------------------------------------------------------------------------------------------- Liberty Unitized Fund A fund which invests solely in Common Stock of The Liberty Corporation Invesco Retirement Trust Stable Value Fund A fund which invests in money market instruments Neuberger & Berman Common Stock Fund A fund which invests in common stocks of medium and large companies Vanguard Total Bond Market Index Fund A fund which invests in bond-related securities Loomis Sayles Bond Fund A fund which invests in investment-grade debt securities Invesco Retirement Trust Total Return Fund A fund which invests in a combination of equity & fixed income securities Invesco Retirement Trust 500 Index Fund A fund which invests in U.S. common stock securities This fund is seeking total return comparable to Standard and Poor's 500 index. GAM International Fund A fund which invests in foreign stocks and debt securities Invesco Retirement Trust Small Cap Value A fund which invests in common stocks of Fund companies seeking a total return of 2% to 3% higher than the Russell 2000 Small Stock Index
6 7 Item 8. Investment of Funds(continued) For the period December 15, 2000 to December 31, 2000, employee contributions and matching Employer contributions could be invested in the following funds available for investment under the Plan: Name of Fund Description of Fund - --------------------------------------------------------------------------------------------------------- Liberty Unitized Fund A fund which invests solely in Common Stock of The Liberty Corporation Invesco Retirement Trust Stable Value Fund A fund which invests in money market instruments Neuberger & Berman Common Stock Fund A fund which invests in common stocks of medium and large companies Vanguard Total Bond Market Index Fund A fund which invests in bond-related securities Loomis Sayles Bond Fund A fund which invests in investment-grade debt securities Putnam International Growth Fund A fund which invests at least 65% of assets in equity securities of companies located outside of the United States. May invest in both developed and emerging markets. Invesco Retirement Trust 500 Index Fund A fund which invests in assets of companies comprising the Standard & Poor's 500 Index. securities This fund is seeking total return comparable to Standard and Poor's 500 index. Invesco Retirement Trust Small Cap Value A fund which invests in equity securities of smaller U.S. Fund companies with market capitalizations between $100 million and $2 billion. Invesco Retirement Trust Core Balanced A fund which invests in a mix of common stocks, bonds and Fund cash which is influenced by economic and Investment conditions. Invesco Blue Chip Growth Fund This fund which invests primarily in common stocks of large companies that have market capitalizations of more than $15 billion. Invesco Dynamics Fund This fund which invests primarily in equity securities of mid-sized U.S. companies with market capitalizations between $2 billion and $15 billion. Invesco Small Company Growth Fund This fund which invests at least 65% of assets in equities of companies with market capitalizations of less than $1 billion. May invest up to 25% of assets in foreign securities.
For the two years ended December 31, 2000, there were brokerage commissions paid by the Plan out of the Neuberger Berman Common Stock Fund only. (b) No brokerage transactions effected for the Plan during the year ended December 31, 2000, were directed to brokers because of research services provided. 7 8 Item 9. Financial Statements and Exhibits Page No. -------- (a) Financial Statements Report of Independent Auditors 9 Statements of Net Assets Available for Benefits 10 Statements of Changes in Net Assets Available for Benefits 11 Notes to Financial Statements 12 (b) Exhibits Exhibit 23 - Consent of Independent Auditors 18 8 9 Report of Independent Auditors Administrative Committee and Board of Directors of The Cosmos Broadcasting Corporation Retirement and Savings Plan The Cosmos Broadcasting Corporation We have audited the accompanying statements of net assets available for benefits of The Cosmos Broadcasting Corporation Retirement and Savings Plan as of December 31, 2000 and 1999, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2000 and 1999, and the changes in its net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States. ERNST & YOUNG LLP June 1, 2001 9 10 The Cosmos Broadcasting Corporation Retirement and Savings Plan Statements of Net Assets Available for Benefits DECEMBER 31 2000 1999 ------------------------------ (In thousands) Assets Interest in Master Trust $80,659 $81,157 Employer contributions receivable 2,188 1,966 ------------------------------ Net assets available for benefits $82,847 $83,123 ============================== See accompanying notes 10 11 The Cosmos Broadcasting Corporation Retirement and Savings Plan Statements of Changes in Net Assets Available for Benefits
Year ended December 31 2000 1999 ------------------------------------ (In thousands) Additions: Net investment (loss) gain from participation in Master Trust ($ 887) $ 6,385 Contributions: Participants 2,314 2,149 Employer 3,236 2,967 ------------------------------------ 5,550 5,116 ------------------------------------ Total additions 4,663 11,501 Deductions: Benefits paid directly to participants 4,887 5,363 Administrative expenses 420 372 ------------------------------------ Total deductions 5,307 5,735 ------------------------------------ Net (decrease)increase prior to merger (644) 5,766 Transfer from Hillside Broadcasting 401k and Retirement Plan 368 - ------------------------------------ Net (decrease)increase (276) 5,766 Net assets available for benefits: Beginning of year 83,123 77,357 ------------------------------------ End of year $82,847 $83,123 ====================================
See accompanying notes 11 12 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements December 31, 2000 1. DESCRIPTION OF PLAN The following description of The Cosmos Broadcasting Corporation Retirement and Savings Plan (Plan) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL The Plan is a defined contribution plan covering all full-time or part-time employees of Cosmos Broadcasting Corporation and related employers (CableVantage, Inc. and Supercoups) (Company and Employer) who have completed 1,000 hours of service in a calendar year or in the first 12 months of employment. Also, effective November 1, 2000, the Plan covers all full-time or part-time employees of The Liberty Corporation and Special Services who have completed 1,000 hours of service in a calendar year or in the first 12 months of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974. CONTRIBUTIONS Participation in the 401(k) portion of the Plan is voluntary. Each year participants may contribute up to 13% of their compensation on either a pre-tax or after-tax basis, or a combination of both, through payroll deductions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. The Company contributes up to 3% of each participant's annual compensation. The annual matching percentage may be changed by resolution of the Board of Directors of the Company, effective at the beginning of any plan year (January 1). The Company may contribute discretionary contributions equal to amounts authorized by the Board of Directors to the profit-sharing portion of the Plan. The Company made discretionary contributions of approximately $2,188,000 and $1,966,000 in 2000 and 1999, respectively, which were allocated to the accounts of participating employees. Upon enrollment, a participant may direct employee and employer contributions to any of the Plan's fund options. Participants may change their investment options daily. 12 13 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contributions and allocations of (a) the Company's contributions and (b) Plan earnings, and is charged with an allocation of administrative expenses. Allocations are based on participant contributions or account balances, as defined. Forfeited balances of terminated participants' nonvested accounts are used to reduce future company contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. VESTING Participants are immediately vested in their contributions plus actual earnings thereon. Amounts credited to a participant's employer matching and discretionary account vest based on the total number of years of service (as defined under the Plan) with the Company or its related employers: Number of Years Percentage of Service of Vesting - ---------------------------- ------------------------ Less than 3 years - 3 years 25% 4 years 50% 5 years 75% 6 years 100% All amounts credited to a participant's employee (before tax or after tax) and employer matching accounts are fully vested upon termination of employment due to a participant's death, total disability or retirement, or after a participant has completed six or more years of service. Also, each employee is fully vested at his or her 65th birthday. PARTICIPANT LOANS Participants may borrow from their fund accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1-5 years, unless the loan is used for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Principal and interest is paid ratably through payroll deductions. 13 14 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) PAYMENT OF BENEFITS A participant who has completed less than six years of service and is terminated for any reason other than those mentioned above forfeits the non-vested amounts in his employer matching and discretionary account. All amounts credited to the employee's account (before tax or after tax) and all vested amounts credited to the employer's matching and discretionary account are distributable upon termination in the form of a lump sum or installment payments. FORFEITED ACCOUNTS Forfeitures of non-vested balances in employer accounts of approximately $203,000 in 2000 and $277,000 in 1999 were used to reduce employer contributions. The unallocated forfeitures were $82,000 and $117,000 at December 31, 2000 and 1999, respectively. REVERSION TO SPECIAL FUND The Cosmos Broadcasting Corporation Pension Plan and Trust Agreement for Technicians was terminated during 1992. In 1993, twenty-five percent (25%) of the excess assets were reverted to a special fund within the Plan. The reversion is to be allocated in no more than seven years to the accounts of those participants who were active participants in the pension plan upon its termination. An allocation of approximately $8,000 and $6,000 of the reversion was made during 2000 and 1999, respectively. TRUST TO TRUST TRANSFER On December 31, 1998, the Company acquired the ABC affiliate, WWAY-TV in Wilmington, North Carolina. Due to this acquisition the account balances attributable to former employees of WWAY-TV that were hired by the Company were transferred from Hillside Broadcasting 401k and Retirement Plan into the Plan on June 20, 2000. 14 15 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements (continued) 1. DESCRIPTION OF PLAN (CONTINUED) PLAN TERMINATION Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared on the accrual basis of accounting. VALUATION OF INVESTMENTS HELD IN MASTER TRUST The Plan's investments were held in The Liberty Corporation Retirement and Savings Trust (Old Master Trust) and then transferred to The Cosmos Broadcasting Corporation Retirement and Savings Plan and Trust (New Master Trust) effective November 1, 2000, as a result of the purchase agreement dated June 19, 2000 between The Liberty Corporation and Royal Bank of Canada. The Plan's investments are stated at fair value, which equals the quoted market price on the last business day of the plan year. The shares of registered investment companies are valued at quoted market prices, which represent the net asset values of shares held by the Plan at year-end. The participant loans are valued at their outstanding balances, which approximate fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that effect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 15 16 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements (continued) 3. INVESTMENT IN THE MASTER TRUST The New Master Trust holds the investments of plan participants employed by Cosmos Broadcasting Corporation, Cablevantage, The Liberty Corporation, Special Services and Supercoups. At December 31, 2000, the Plan's interest in the net assets was 100% of the New Master Trust's net assets. At December 31, 1999, the Plan's interest in the net assets of the Old Master Trust was approximately 33%. The investments of the Old Master Trust, including investment income and expenses were allocated to the Plan based upon its pro rata share in the net assets of the Old Master Trust at December 31, 1999. The following table presents the fair value of investments for the New Master Trust (2000) and Old Master Trust (1999) at December 31: 2000 1999 ----------------------------------- (In thousands) Investments at fair value: Mutual funds $45,332 $158,155 Collective trust funds 34,202 85,737 Participant loans 1,125 3,521 ----------------------------------- $80,659 $247,413 =================================== 16 17 The Cosmos Broadcasting Corporation Retirement and Savings Plan Notes to Financial Statements (continued) 3. INVESTMENT IN THE MASTER TRUST (CONTINUED) Investment income for 2000 includes investment income of the Old Master Trust from January 1, 2000 to October 31, 2000 and the investment income from the New Master Trust from November 1, 2000 to December 31, 2000. Investment income for 2000 and 1999 is as follows:
YEAR ENDED DECEMBER 31 2000 1999 ------------------------------------ (In thousands) Net(depreciation) appreciation in fair value of investments determined by quoted market price: Mutual funds ($ 1,525) $ 8,668 Collective trust funds (814) 5,223 Interest income 107 442 Dividend income 1,345 3,258 ------------------------------------ Total investment (loss) income ($ 887) $17,591 ====================================
4. INCOME TAX STATUS The Plan received a determination letter from the Internal Revenue Service dated October 20,1998, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (Code) and, therefore, the related trust is exempt from taxation. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax exempt. 5. TRANSACTIONS WITH PARTIES-IN-INTEREST The Plan received dividends of approximately $73,000 in 2000 and $53,000 in 1999 from The Liberty Corporation. The Plan's investment in The Liberty Corporation's stock totals approximately $3,618,000 and $2,935,000 at December 31, 2000 and 1999, respectively. 17 EX-23 2 g70067ex23.txt CONSENT OF INDEPENDENT AUDITORS 1 EXHIBIT 23 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-22285) pertaining to The Cosmos Broadcasting Corporation Retirement and Savings Plan of our report dated June 1, 2001, with respect to the financial statements of The Cosmos Broadcasting Corporation Retirement and Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2000. ERNST & YOUNG LLP Greenville, South Carolina June 12, 2001 18 -----END PRIVACY-ENHANCED MESSAGE-----