Turner Broadcasting CEO Phil Kent reveals plans in e-mail
ATLANTA -- It appears that Turner Broadcasting's longtime ownership of the Braves may be nearing its end.
Turner Broadcasting employees received an e-mail late Tuesday night in which their CEO, Phil Kent, informed them that the Braves and Turner South -- their regional cable network -- were being put up for sale.
In the statement, Kent said:
"As a publicly held company we have a duty to our shareholders to operate in the most effective, efficient, fiscally responsible manner possible. That duty includes planning for the long-term success of our company. It may also include making strategic changes to the portfolio of assets that comprise Turner Broadcasting."
The Braves have been owned by Turner Broadcasting since 1976, when Ted Turner purchased the team. They fell under the umbrella of Time Warner after a 1995 merger.
Time Warner has been attempting to increase its stock price, which has lagged since its 2000 merger with America Online. Selling the Braves would provide a financial gain that they could use to improve other entities, including Home Box Office, Time Warner Cable, New Line Cinema, Time Inc., Turner Broadcasting and Warner Bros. Entertainment.
Despite lowering their payroll, from $100 million to $80 million, over the past two seasons, the Braves haven't seen a significant change in their profits.
Though their futures may be affected by new ownership, Braves management and players aren't saying much in regard to the potential sale.
"We will be operating business as usual," said Greg Hughes, senior vice president of communications and public relations. "There is no change for our 2006 plans, on the business or baseball side."
Tim Hudson, who is under contract through the 2009 season, says that he wasn't fazed when he learned he may soon be playing for a new owner.
"The only way this really affects the players is if they cut or raise the payroll," said Hudson. "Obviously, you want an owner who is open-minded to raising the payroll if necessary. But as long as [Braves general manager] John Schuerholz and [manager] Bobby [Cox] are around, I think we'll be just fine, whoever owns the team.
"The more resources we have, the better it is for all of us. Having the money to spend helps you stay competitive. But what we're looking for is a championship."
The Braves, who have won 14 consecutive division titles, may be very attractive to potential buyers. Forbes magazine recently estimated the team's value at $374 million.
Through a statement issued by his aides, Atlanta Falcons owner Arthur Blank said that he may have some interest in purchasing the Braves.
"We have been informed of this potential opportunity," said Blank in the statement. "As with all other potential investments, we will review any information provided when we receive it and give this opportunity consideration as warranted."
http://mlb.mlb.com/NASApp/mlb/news/...t_id=1282249&vkey=news_mlb&fext=.jsp&c_id=mlb
ATLANTA -- It appears that Turner Broadcasting's longtime ownership of the Braves may be nearing its end.
Turner Broadcasting employees received an e-mail late Tuesday night in which their CEO, Phil Kent, informed them that the Braves and Turner South -- their regional cable network -- were being put up for sale.
In the statement, Kent said:
"As a publicly held company we have a duty to our shareholders to operate in the most effective, efficient, fiscally responsible manner possible. That duty includes planning for the long-term success of our company. It may also include making strategic changes to the portfolio of assets that comprise Turner Broadcasting."
The Braves have been owned by Turner Broadcasting since 1976, when Ted Turner purchased the team. They fell under the umbrella of Time Warner after a 1995 merger.
Time Warner has been attempting to increase its stock price, which has lagged since its 2000 merger with America Online. Selling the Braves would provide a financial gain that they could use to improve other entities, including Home Box Office, Time Warner Cable, New Line Cinema, Time Inc., Turner Broadcasting and Warner Bros. Entertainment.
Despite lowering their payroll, from $100 million to $80 million, over the past two seasons, the Braves haven't seen a significant change in their profits.
Though their futures may be affected by new ownership, Braves management and players aren't saying much in regard to the potential sale.
"We will be operating business as usual," said Greg Hughes, senior vice president of communications and public relations. "There is no change for our 2006 plans, on the business or baseball side."
Tim Hudson, who is under contract through the 2009 season, says that he wasn't fazed when he learned he may soon be playing for a new owner.
"The only way this really affects the players is if they cut or raise the payroll," said Hudson. "Obviously, you want an owner who is open-minded to raising the payroll if necessary. But as long as [Braves general manager] John Schuerholz and [manager] Bobby [Cox] are around, I think we'll be just fine, whoever owns the team.
"The more resources we have, the better it is for all of us. Having the money to spend helps you stay competitive. But what we're looking for is a championship."
The Braves, who have won 14 consecutive division titles, may be very attractive to potential buyers. Forbes magazine recently estimated the team's value at $374 million.
Through a statement issued by his aides, Atlanta Falcons owner Arthur Blank said that he may have some interest in purchasing the Braves.
"We have been informed of this potential opportunity," said Blank in the statement. "As with all other potential investments, we will review any information provided when we receive it and give this opportunity consideration as warranted."
http://mlb.mlb.com/NASApp/mlb/news/...t_id=1282249&vkey=news_mlb&fext=.jsp&c_id=mlb
