NEW YORK (AP) -The sale of the Atlanta Braves from Time Warner Inc. to Liberty Media Corp. was approved by baseball owners, with the companies set to transfer the team later Wednesday.
The sale was agreed to by the corporations in February, and baseball officials said in March the transaction values the team at $461 million. The companies wanted the deal completed Wednesday because of changes in tax laws that start Thursday.
The baseball team, a group of craft magazines and approximately $1 billion in cash were to be transferred to Liberty in exchange for about 60 million shares of Time Warner.
Atlanta's current management team will remain in place, with Terry McGuirk staying on as club president and John Schuerholz as general manager.
Ted Turner took control of the Braves in 1976, and Time Warner acquired the team in 1996 when it merged with Turner Broadcasting System.
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