Sparrowhawk's owners, 3i, Providence and former channel Five chief executive, David Elstein, are close to selling the business for around £175m.
The move is part of NBC's target to increase the proportion of international revenues to its overall income from 20% to 30%.
It comes just two years after Hallmark's owners bought the business from another US media company, Crown Media, in a deal worth £120m.
The pay-TV market is under pressure from a growing number of well-funded digital stations being launched by established terrestrial players, such as ITV and Channel 4.
Last week, Channel 4 launched a time-shifted version of its flagship channel called C4+1.
Since Sparrowhawk's acquisition of the Hallmark channel, which specialises in family friendly shows, it has distributed the station more widely. Programming includes 'House', 'Spooks', 'Law & Order', and 'Law & Order Special Victims Unit'.
Hallmark's international channel broadcasts across approximately 150 countries and sits alongside Sparrowhawk's other offerings, Movies 24, and children's channel, Kids Co.
Sparrowhawk recently renewed its ad sales contract with Sky Media until 2010, amid a brand revamp on the Hallmark channel, which is being overseen by London-based advertising agency Quiet Storm.
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