Atlanta sale completed

The complex deal calls for Liberty to pay about 68.5 million shares of Time Warner common stock, subject to a working capital adjustment, for a newly created unit of Time Warner, which holds the Atlanta Braves, Time Inc.'s Leisure Arts, Inc. and $960 million of cash.

Based on Wednesday's closing price of $21.60, the deal was worth around $1.48 billion in stock. Major League Baseball has approved the transaction. The assets held by the acquired unit will be attributed to the Liberty Capital Group.