Telewest has already received first-round offers for Flextech from US media giant Viacom, BSkyB, ITV, Liberty Global, RTL and Hallmark TV-owner Sparrowhawk, run by David Elstein, the former chief executive of Five.
Channel 4 is understood to have bid only for Flextech's 50% stake in UKTV, which it co-owns with the BBC.
Cinven is reportedly bidding for the entire business, which analysts predict could cost anything between £800m and £1bn.
RTL, the German broadcaster that also owns terrestrial channel Five, is current favourite to win the bidding war.
Telewest has said is exploring the sale of Flextech, which will only be sold to the right bidder at the right price, ahead of a mooted £5.5bn merger with rival cable group NTL.
However, ITV chief executive Charles Allen believes the proposed sale is an elaborate stunt.
"I am not convinced that they are actually going to sell. If they truly came up for sale, we would look at it," he said.
Last month, Telewest said that profits at Flextech were up 14% from the second quarter of 2004 to £32m this year.
As well as Living TV, Bravo, Challenge and Trouble, which feature programmes such as the top rated 'Alias' and 'Will & Grace', Flextech owns a 50% stake in nine UKTV channels with the BBC, including UKTV Gold and UKTV Style.
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