Liberty Closer to Donning Braves Jersey
Major League Baseball to Address Deal with Time Warner at Owners’ Meeting
By Mike Reynolds -- Multichannel News, 5/2/2007 1:56:00 PM
John Malone may finally put the Atlanta Braves in Liberty Media’s clubhouse in mid-May.
The transfer of ownership of the Braves from Time Warner to Liberty is an agenda item for the Major League Baseball owners’ meeting May 16 and 17 in New York.
“The expectation is that something will get done shortly before or at the meeting,” one source familiar with MLB’s thinking said.
On a conference call with analysts discussing first-quarter results, Time Warner chairman and CEO Dick Parsons said, “In terms of the Braves transaction, we put something out a day or two ago saying that we had entered into a letter of intent with Liberty and that it was before Major League Baseball. Major League Baseball is considering this transaction right now, and we're hopeful that they'll get to it in due course.”
In discussing financial comparisons between the most recently completed quarter and the results in the 2006 period, Time Warner listed the Braves among the businesses it intends to sell in 2007.
Liberty didn’t return phone calls by press time.
Although exact deal terms couldn’t be confirmed, a multitude of reports in February indicated that the parties had reached a deal whereby Liberty would get the ballclub, a group of craft magazines and $1 billion in cash in exchange for some 60 million shares of Time Warner stock.
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