In December 2005, team owner Time Warner, which inherited the Braves after purchasing Turner Broadcasting System in 1996, announced it was placing the team for sale. Liberty Media began negotiations to purchase the team.
In February 2007, after more than a year of negotiations, Time Warner agreed to a deal to sell the Braves to Liberty Media, which owned a large amount of stock in Time Warner, pending approval by 75 percent of MLB owners and the Commissioner of Baseball, Bud Selig. The deal included the exchange of the Braves, valued in the deal at $450 million, a hobbyist magazine publishing company, and $980 million cash, for 68.5 million shares of Time Warner stock held by Liberty, worth approximately $1.48 billion. Team President Terry McGuirk anticipated no change in the front office structure, personnel, or day-to-day operations of the Braves, and Liberty did not participate in day-to-day operations. On May 16, 2007, Major League Baseball's owners approved the sale. The Braves are one of only two Major League Baseball teams under majority corporate ownership (and the only NL team with this distinction); the other team is the Toronto Blue Jays (owned by Canadian media conglomerate Rogers Communications).