Viacom Reportedly To Buy Telefonica's Telefe For About $400 Mln

(RTTNews) - Viacom Inc. (VIAB, VIA) won a bidding process to acquire Argentine broadcaster Television Federal SA from phone carrier Telefonica SA, Bloomberg reported citing people familiar with the matter.

The media giant outbid Time Warner Inc. and the Cisneros Group, which controls Venezuelan network Venevision. The deal, valued at about $400 million, could be announced as soon as this week. The transaction will still require regulatory approval, the report said.

The agreement comes at a delicate time for Viacom, whose board is busy contemplating a merger with CBS Corp.