Univision Communications Inc has recently engaged in potential sale talks with CBS Corp, Time Warner Inc, and several other media companies as part of their exit plans, according to sources familiar with the deal.

The owners of Univision, including billionaire Haim Saban, are seeking to sell the company for more than $20 billion, the unnamed sources cited by The Wall Street Journal said. The group of investors had acquired the firm for $13.7 billion in 2007.

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So far, there is no sign that the discussions have led to definite agreements. A source said one of the hurdles in the deal is the selling price.

The company was expected to go public in 2015 to make way for an exit, but the stock offering is not yet confirmed. The investors have also reached out to Mexican media giant Grupo Televisa, which has a minority holding in Univision, as one of the potential buyers.

However, Televisa's acquisition of Univision depends on the revision of regulatory rules which puts a 25% cap on foreign ownership in a broadcasting company. It is still unclear if the Mexican firm is still interested in acquiring Univision.

The sale talks come on the heels of two giant mergers in the pay-TV industry that have sent ripples across the media industry. Comcast Corp's proposed $45-billion acquisition of Time Warner and AT&T's $49-billion proposal for DirectTV have spurred entertainment execs into considering mergers to gain traction over their giant rivals.

According to Univision Communications Chief Executive Officer (CEO) Randy Falco during their April earnings call, Comcast is the only large pay-TV operator that does not distribute Univision's sports channel. He also said that once Comcast merges with Time Warner it would give it a "staggering influence" over majority of the Hispanic markets.

When the 2013-2014 season started, Univision began experiencing problems with its ratings, Nielsen said. A source familiar with the situation said this was largely due to a couple of underperforming programs. Univision has been planning to expand its services to boost its advertising and subscription earnings from pay-TV operators.