According to a story published by The Wall Street Journal on Monday, after more than a year of discussions, Time Warner and Liberty Media came to an agreement over the sale of the Atlanta Braves.
According to the Journal, which cited an unnamed source familiar with the deal, the agreement would involve Time Warner transferring the Atlanta Braves, a group of craft magazines, and $1 billion in cash to Liberty in exchange for approximately 60 million shares of Time Warner.
The agreement still needs to be approved by the owners of Major League Baseball.
According to the price at which shares of Time Warner’s stock were trading when the market closed on Monday, the market value of those shares would be approximately $1.27 billion.
Both a representative for Liberty Media, John Orr, and a representative for Time Warner, Ed Adler, declined to comment on the report.
At the moment, Liberty own around 171 million shares of Time Warner, which is comparable to a stake of approximately 4 percent in the media conglomerate.
Time Warner’s holdings include Time Warner Cable, HBO, AOL, CNN, Warner Bros., and Time Inc. The transaction would result in Liberty having a holding in Time Warner that is approximately 2.6 percent smaller than it already does.
In the mid-1990s, Time Warner completed the purchase of Turner Broadcasting Systems from Ted Turner in Atlanta. With this transaction, Time Warner became the owner of the Atlanta Braves.