A consortium featuring former Italian prime minister Silvio Berlusconi has unveiled a £2.3 billon (€3.37 billion) bid for Big Brothermaker Endemol.
The buyout group is also made up of Endemol founder John de Mol and Goldman Sachs.
It would pay £1.8 billion (€2.63 billion) for Spanish telecoms group Telefonica's 75 per cent stake in the company. The consortium has also pledged to purchase the remaining 25 per cent stake in the firm at the first available opportunity.
Mr Berlusconi is represented through Italian broadcaster Mediaset, in which he has a 36 per cent stake.
Telefonica, which also owns the O2 mobile company, paid £3.76 billion for Endemol in 2000. It then floated 25 per cent of the company on Euronext in 2005.
Analysts expect the telecoms group to invest the proceeds of the sale to acquire more phone companies.
Dutch company Endemol is one of the most successful and high-profile TV programme makers in Europe.