TBS must pay for canceling accord
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Times Wire Reports
A Time Warner Inc. unit must pay $281 million in damages to a Texas businessman for reneging on an oral agreement to sell him two professional sports teams, a Georgia jury ruled.
Jurors in Atlanta found that Turner Broadcasting System improperly canceled a 2003 accord to sell the NBA’s Atlanta Hawks and the NHL’s Atlanta Thrashers to David McDavid, a former Dallas car dealer.
The teams wound up in the hands of an Atlanta-based group of investors that included the son and the son-in-law of Ted Turner, TBS’ billionaire founder.
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