Colorado-Based Company Buys Braves

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NEW YORK (AP) - The sale of the Atlanta Braves from Time Warner to Colorado-based Liberty Media has been approved by baseball owners.

The companies agreed to the sale in February, with both baseball officials saying the transaction values the team at $461 million.

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. Time Warner acquired the team in 1996 when it merged with Turner Broadcasting System.

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