Commissioner Bud Selig says the new ownership group is supposed to provide a bigger role for Henry Aaron, although it has not been specified what that is.
For corporate finance wonks, the details from the AP:
Time Warner and Liberty agreed to the sale in February. Liberty said Thursday it exchanged approximately 68.5 million shares of Time Warner common stock, subject to a working capital adjustment, for the Braves, Time Inc.'s Leisure Arts Inc. and $960 million. Liberty retained about 103 million shares (2.8 percent) of Time Warner common stock.
Starting Thursday, the Braves became a self-governed subsidiary of Liberty Media, with McGuirk reporting to the team's board in his capacity as chairman and president. John Schuerholz remains as general manager and Bobby Cox as manager.