Spring training is right around the corner. And the players of the Atlanta Braves will most likely have a new boss signing their checks by opening day. That new owner will most likely be Liberty Media Corp. Chairman John Malone. Published reports say Liberty Media has reached an agreement with Time Warner Cable to sell the Braves to the Englewood, Colo.-media group for a deal valuing the team at $450 million. The Wall Street Journal reported that the Braves were part of a larger package that include Leisure Arts craft magazine and $1 billion in cash in exchange for about 60 million shares of Time Warner. The value of those shares based on the Feb. 12th closing price would be about $1.27 billion. The deal brings Liberty Media instant sports content, which it lacks. Others point out that Liberty Media was motivated to do the deal for tax purposes. Under federal tax law, the inclusion of the Braves in the package can make the acquisition tax-free, potentially saving Liberty hundreds of millions of dollars in capital gains tax on the appreciation of its Time Warner stock. The deal now goes to Major League Baseball and the Federal Communications Commission for approval. If Liberty Media gets the green light, the next question will be: will the Colorado media company have the wearwithal to own a professional sports franchise? News Corp. showed it didn't have much patience for the Los Angeles Dodgers when it lost $69 million in 2001 and put the team up for sale. After owning the team for only six years, News Corp. refocused its strategy and sold the Dodgers for $430 million in 2004 but wisely held onto the valuable broadcasting rights to the L.A. franchise. —Gerald Magpily
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