Time Warner Sells Braves to Liberty Media

TIME WARNER SELLS BRAVES TO LIBERTY MEDIA
[SOURCE: Associated Press, AUTHOR: Ronald Blum]
Time Warner Inc. finalized an agreement Monday to sell the Atlanta Braves to John Malone's Liberty Media Corp. The deal, which values the team at $450 million, was submitted to Major League Baseball for its approval process. The parties hope baseball will approve the sale in time for the team to be transferred by opening day. (Pitchers and catchers report later today.) Liberty currently has about 170 million shares of Time Warner, which is equivalent to a stake of about 4 percent of the media company, whose holdings include Time Warner Cable, HBO, AOL, CNN, Warner Bros. and Time Inc. The deal would reduce the size of Liberty's stake in Time Warner to about 2.6 percent. Time Warner acquired the Braves when it bought Atlanta-based Turner Broadcasting Systems from Ted Turner in the mid-1990s.
http://www.tvnewsday.com/articles/2007/02/13/daily.1/