Chilean free-to-air broadcaster Chilevisión is being acquired by Time Warner from Bancard Inversiones, owned by the country's president, Sebastian Piñera, in a deal worth an estimated $150 million.

Chile's leading network will now be operated by Turner Broadcasting System Latin America, which is run by Juan Carlos Urdaneta as president. The local management team will remain in place to run the channel. The deal is pending regulatory approval.

Pinera's holding company Bancard said in a statement it agreed to the sale of 100 percent of Chilevision's shares to a unit of Time Warner's Turner International.

For Time Warner, the Chilevision deal marks a further push into the fast-growing markets of Latin America. Time Warner bought seven pay television networks in the region operated by Claxson Interactive Group in 2006, in a deal valued at $235 million.

Citigroup served as Time Warner's financial adviser.

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