Time Warner, Viacom Bid To Buy Telefónica's Argentina TV Broadcaster: WSJ

(RTTNews) - Media companies Time Warner Inc. (TWX) and Viacom Inc. (VIA, VIAB) are among bidders for a potential acquisition of Telefónica SA's Argentine television broadcaster Telefe, The Wall Street Journal reported, citing people familiar with the discussions.

The deal, which could be worth as much as $400 million, could allow the buyer a greater presence in Latin America.

Telefónica waits for proper offers to arise within the next several days, and a final decision will be made in October, the report said.

At present, Time Warner operates a number of channels in Latin America and HBO has a division in the region, and its Turner unit has been viewed as the front-runner in the bidding. Meanwhile, Viacom, which is under a heavy debt load, reportedly expects a deal could be financially beneficial for Telefe's cash flow.

Media conglomerate Grupo Cisneros laos is said to be in the bidding war.