There has been speculation that Telewest would sell off its television business, which is seen as the second most valuable in multichannel TV after BSkyB.
NTL is also understood to be pushing for Telewest to sell the business, which owns LivingTV and the UKTV network of channels with the BBC.
Telewest has so far received valuations of between £500m and £600m for Flextech, but is believed to see this as too low and is pushing for a price in the range of £800m to £1bn.
Viacom, which owns MTV and the CBS televison network in the US, has long been talked of as a potential major investor in British TV and has been linked with buying ITV in the past.
It is likely Viacom would face competition from a number of rivals, possibly including Five owner RTL and private equity group Apax Partners, where former BBC director-general Greg Dyke is a key adviser.
Flextech owns and operates LivingTV, which broadcasts 'Will & Grace' and 'Extreme Makeover UK', plus teenage entertainment channels Bravo and Trouble and gameshow channel Challenge.
In addition, it owns half of UKTV, the joint venture between BBC Worldwide and Flextech, with a 10-strong digital portfolio including UKTV Gold, UKTV Style and UK History.
Telewest could finally be heading towards a £5.5bn merger with NTL to create a formidable opponent to Rupert Murdoch's BSkyB.
NTL is said to be keen for Telewest to sell its programming business, because it sees no place for that under the same roof of the enlarged firm.
Other options believed to be under consideration are a possible flotation of Flextech, which would allow investors to realise maximum value for the business.
Telewest last week appointed Deutsche Bank and Rothschild to advise it on its merger while NTL is being advised by Goldman Sachs.
Deutsche Bank is also thought to be helping Telewest weigh up the options for Flextech content business.
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