TURNER EARNINGS UP; BRAVES EARNINGS DOWN

     Turner Broadcasting System "reported strong growth" in
second quarter earnings, with its "only weakness the Atlanta
Braves" which lost $10M more "than the previous year" because of
the affects of the baseball strike, writes Charles Haddad in this
morning's ATLANTA CONSTITUTION.  Turner Broadcasting reported net
income rose to $22M, up from $13M a year ago.  Turner is parent
company of CNN, TBS and TNT, the Cartoon Network, Turner Classic
Movies, along with the Braves and Hawks (ATLANTA CONSTITUTION,
8/9).  Meanwhile, Turner said yesterday it was "continuing to
hold discussions" with TCI and Time Warner about purchasing Time
Warner's 18% share in TBS.  Geraldine Fabrikant reports in this
morning's N.Y. TIMES that Time Warner is seeking $1.6B for its
stake, "worth roughly" $1.2B, or swapping it for a Turner asset
such as the Cartoon Network.  Fabrikant writes "those familiar
with the discussions" say Turner is unwilling or unable to make
the swap (N.Y. TIMES, 8/9).