New York ? Time Warner Inc. reached a deal to sell the Atlanta Braves to Liberty Media Corp. after more than a year of negotiations, The Wall Street Journal reported Monday.

The agreement, which still must be approved by Major League Baseball owners, would involve Time Warner transferring the Braves, a group of craft magazines and $1 billion in cash to Liberty in exchange for about 60 million shares of Time Warner, the Journal reported, citing an unidentified person familiar with the deal.

Based on the closing price of Time Warner’s stock Monday, the market value of those shares would be about $1.27 billion.