AMENDMENT NO. 4 TO RIGHTS AGREEMENT

EXHIBIT 10.1

AMENDMENT NO. 4 TO RIGHTS AGREEMENT

     AMENDMENT NO. 4 dated as of August 25, 2005 to the Rights Agreement dated as of August 7, 1990 and amended as of June 1, 1999, May 2, 2000 and June 20, 2000 (the “Rights Agreement”), between The Liberty Corporation, a South Carolina corporation (the “Company”), and American Stock Transfer & Trust Company, as Rights Agent (the “Rights Agent”).

W I T N E S S E T H

     WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of August 25, 2005, by and between Raycom Media, Inc., a Delaware corporation (“Parent”), RL123, Inc., a Delaware corporation (“Merger Sub”) and the Company (the “Merger Agreement”) and, in connection with the transactions contemplated by the Merger Agreement, Parent and Merger Sub have entered into voting agreements with certain shareholders of the Company;

     WHEREAS, Section 26 of the Rights Agreement provides that, for so long as the Rights (as defined in the Rights Agreement) are then redeemable, the Company may and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of certificates representing shares of Common Stock (as defined in the Rights Agreement);

     WHEREAS, the Rights are currently redeemable;

     WHEREAS, the parties hereto desire to amend the Rights Agreement in certain respects;

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Defined Terms; References. Unless otherwise specifically defined herein, each term used herein which is defined in the Rights Agreement has the meaning assigned to such term in the Rights Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Rights Agreement shall, after this Amendment becomes effective, refer to the Rights Agreement as amended hereby.

     SECTION 2. Amendment to Section 1 of the Rights Agreement. (a) Section 1 of the Rights Agreement is hereby amended by adding the following proviso to follow the second proviso in the definition of “Beneficial Owner”:

“; provided further, however, that neither Raycom Media, Inc. nor any Affiliate of Raycom Media, Inc. shall be deemed to have “Beneficial Ownership” of or to “beneficially own” or to be a “Beneficial Owner” of any securities of the Company for purposes of this Agreement solely by reason of either (x) that certain