The sale of Telefe could be valued at around $400 million, the Journal reported.
The U.S. majors see the company as a way to expand their TV footprint in Latin America. Time Warner’s Turner unit is seen as the front-runner for the asset, which would add to Time Warner’s existing base of Turner- and HBO-branded channels in the region.
Viacom, on the other hand, is in the midst of management corporate transition and is also sorting through a debt refinancing process that could complicate its ability to take on a major transaction.
Offers are expected to be made within a few days. Telefonica is expected to make a decision on the sale in October, the Journal reported.
Time Warner declined to comment. A rep for Viacom could not be reached for comment late Wednesday.
Launched in 1989, Telefe is Argentina’s largest commercial broadcast network. It also has a sizable content production arm that exports programs around the world.