Details in the tax-free swapping components of the Time Warner/Liberty Media deal got more complex today as Liberty agreed to sell 60 million Time Warner shares for the Atlanta Braves, Leisure Arts craft magazine and $1 billion in cash. The deal now involves CBS Corp. CBS will trade a television station and $170 million in cash for CBS shares held by Liberty. The complex deal is designed to allow Liberty to continue its collection of assets while divesting itself of shareholding. The Braves, as part of the deal, are valued at $460 million.

As reported by Bloomberg the deal has the following points, some of which show an overall strategy that makes Liberty a powerful player in MLB with DirecTV as part of the business holdings:

• News Corp: Liberty has traded back a 16 percent stake in New York-based News Corp. to gain control of DirecTV.
• CBS: Under the agreement with New York-based CBS, worth about $234 million, Liberty will exchange its 7.59 million shares in CBS for WFRV-TV in Green Bay, Wisconsin, and $170 million in cash, the companies said today in a statement. The station, in the home of the National Football League's Green Bay Packers, is valued at $64 million.
• Assets that Liberty now controls: The Braves and newly added CBS station will be added to the QVC shopping network, Starz movie channel and control of DirecTV Group Inc.

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