Mr. Turner did not specify his plans for the cash he raised, but people close to him said that he did not intend to try to buy back any of his former businesses, like CNN or the Atlanta Braves baseball team, which he sold to Time Warner before it merged with America Online.
Associates of Mr. Turner say he continues to complain about AOL Time Warner’s efforts to sell business to reduce its debt. He is especially disappointed AOL has begun seeking to sell the three Atlanta sports teams, including the Braves. And he has been particularly critical of discussions to sell its winter sports teams, the Hawks of the National Basketball League and the Thrashers of the National Hockey League, separately from the Braves and the Turner South regional cable channel. He believes that the teams and channel are worth more together, people close to him said. AOL Time Warner is negotiating a deal to sell the winter teams to David McDavid, the owner of a chain of car dealerships in Texas. But a person close to Mr. Turner said he had no interest in buying back control of the teams.