UPDATE 1-Carlyle, partner eye Brazil CVC stock sale-report

* Carlyle, Brazilian shareholder may earn $1 bln - report

* To sell at least 25 percent of CVC's shares - report

* Offering may come in second half of 2011 - report (Adds Carlyle response)

RIO DE JANEIRO, May 18 (Reuters) - Private equity firm Carlyle Group [CYL.UL] and its Brazilian partner may raise $1 billion with the sale of stock in CVC, a Brazilian tourism company, the newspaper Valor Economico reported on Wednesday.

Carlyle Group and Brazilian businessman Guilherme Paulus plan to sell at least 25 percent of CVC's shares in a secondary offering in the second half of 2011, Valor reported, citing unnamed sources.

CVC is unlikely to include a sale of new stock to investors through a primary offering as the company has strong cash flow, the newspaper reported, citing one of the sources.

Carlyle owns 63.6 percent of CVC and Paulus owns the rest.

A Carlyle spokesman said neither the group nor CVC could comment on the story. (Reporting by Brian Ellsworth and Jeb Blount. Editing by John Wallace and Robert MacMillan)