From what I can tell from this story from Cox News Service is that:
1. Liberty Media owns some Time Warner stock, but doesn't want to keep it.
2. Time Warner wants to get rid of the Atlanta Braves.
3. If Time Warner sold the braves to a private party, such as Arthur Blank, there would be capital gains taxes to pay.
4. If Time Warner takes Liberty Media's shares back in exchange for the Braves, everybody goes home happy!