Channel 2 Action News has learned that the owners of the Atlanta Braves are looking for a buyer for the team.

Braves vice president of public relations and communications told Channel 2 Action Sports Director Chuck Dowdle that Time Warner is exploring the possibility of selling the Braves and the Turner South cable network, which carries many of the Braves' games.

"We have engaged an investment banking firm to help us assess strategic options for Turner South and a significant programming contributor to that network, the Atlanta Braves franchise, which may lead to the sale of one or both," Hughes said in the statement.

It is the first recent indication that Time Warner, formerly known as AOL Time Warner, was again considering selling the Braves.

Turner Broadcasting senior vice president Shirley Powell told The Atlanta Journal-Constitution that New York-based Allen & Co. is the investment firm hired to shop the team and network around.

Powell said there have not yet been any formal discussions with perspective buyers.

But Falcons owner Arthur Blank could be among those interested in owning the Braves.

"If Time Warner decides to sell the Braves, and if we are approached, we would look at it. And if it made sense, we would pursue it," said Kim Shreckengost, executive vice president of the Arthur M. Blank Group.

Blank was traveling and unavailable for comment, Shreckengost said.

The Braves, who have won 14 consecutive division championships, have cut their financial losses in the past two years, partly by reducing the player payroll. But the team still is not a moneymaker for Time Warner, which has been under pressure to maximize shareholder value.

All of the company's sports properties were on the market until the sale of the Atlanta Hawks, Atlanta Thrashers and Philips Arena was announced on Sept. 16, 2003.

At that time, TBS vice chairman Terry McGuirk said there no longer was "an ongoing marketing plan to sell" the Braves. McGuirk now is chairman and president of the Braves.

Forbes magazine estimates the Braves' value at $382 million.