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.

MLB Top Stories

Thumbnail Tigers vs. Rays Pick After a big comeback win on Thursday, can the Detroit Tigersfollow it up with another win over the Tampa Bay Rays...
Thumbnail Royals vs. Phillies Pick The Kansas City Royals and Philadelphia Phillies meet up tonight at 7:05PM ET. Who will get the win to open this...
Thumbnail Indians vs. Blue Jays Pick The Cleveland Indians look for a franchise record 14th straight win today when they face the Toronto Blue Jays at 1:07PM...
Thumbnail Mets eye second straight victory over Cubs The Cubs thought they had moved beyond the foibles of last week. Thursday’s events at Citi Field suggested otherwise.
Thumbnail Cards' quest for stability continues vs. Brewers Not even the prodigious power of Brandon Moss can help mask the Cardinals’ shortcoming in their own backyard right now.
More inMLB Articles  

MLB Team Pages