GO
Loading...

Enter multiple symbols separated by commas

Time Warner Reaches Deal to Sell Atlanta Braves to Liberty Media

Time Warner reached a deal to sell the Atlanta Braves to Liberty Media after more than a year of negotiations, The Wall Street Journal reported Monday.

The agreement, which must still be approved by Major League Baseball owners, would involve Time Warner transferring the Braves, a group of craft magazines and $1 billion in cash to Liberty in exchange for about 60 million shares of Time Warner, the Journal reported, citing an unidentified person familiar with the deal.

Based on the closing price of Time Warner's stock on Monday, the market value of those shares would be about $1.27 billion.

Liberty Media spokesman John Orr and Time Warner spokesman Ed Adler declined to comment on the report.

Liberty currently has about 171 million shares of Time Warner, which is equivalent to a stake of about 4% 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%.

Time Warner acquired the Braves when it bought Atlanta-based Turner Broadcasting Systems from Ted Turner in the mid-1990s.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.