Time Warner and Viacom are among the major media companies considering bids for Argentine broadcaster Telefe, owned by telecom giant Telefonica, the Wall Street Journal reported Wednesday.

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.