NEW YORK (

TheStreet

) --

Time Warner's

(TWX)

Turner Broadcasting System plans to acquire Chilevisión from Chilean President Sebastian Pinera. While the company will not release the price of the acquisition, reports estimate the television network could be worth more than $140 million.

Pinera is selling the station after complaints that the government could potentially have too much control over the television content in Chile. In response to the objections he made a campaign promise to disconnect himself from the network.

"We are excited about the new era that begins with the arrival of Turner Broadcasting," said Jaime de Aguirre, the executive director of Chilevisión.

If shareholders and regulators approve, TBS will assume complete ownership of Chile's most profitable free-to-air broadcaster.

"Chilevisión is an extremely well-run channel that has posted consistently strong ratings; audience and advertising share; and profitability," said Louise Sams, president of Turner Broadcasting System International. "With this acquisition, our company enters the local broadcast market as a marquee player; furthers our leadership position across Latin America; and expands the growing Turner portfolio of international networks and businesses around the world."

Time Warner isn't the only company expanding overseas.

CBS

(CBS) - Get Report

has plans to acquire a minority stake in a new Australian television venture, while U.S. satellite pay-TV provider

DirecTV

(DTV)

continues to see strong subscriber growth in its Latin American division.

Time Warner shares are currently down 0.17% to $29.91.

--Written by Theresa McCabe in Boston.

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