The buyout group includes John de Mol - Endemol's founder, who created the reality TV show - and Wall Street bank Goldman Sachs.

The TV production company also makes Deal Or No Deal and Ready Steady Cook and has clocked up a string of international hits by selling its formats to broadcasters around the world.

The last series of Celebrity Big Brother triggered an international furore after Bollywood star Shilpa Shetty, pictured left, was subjected to alleged racial abuse.

De Mol started the company in Holland in the 1990s and made a fortune when he sold out to Spanish media and telecoms giant Telefonica in 2000.

Now Telefonica, owner of British mobile phone operator O2, has agreed to sell its 75 per cent stake to Berlusconi's Mediaset group and partners.

The successful bidder will have to make an offer for the remaining 25 per cent of the company, which is listed on the Euronext stock market.