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The company, which sells BBC programmes such as 'Top Gear' and 'Doctor Who' internationally and is currently rolling out new channels such as CBeebies abroad, is limited by the Treasury to an annual borrowing limit of £350m.

Its chief executive John Smith is understood to see this as restricting the company's ambitions to expand, evident in its acquisition of a 75% stake in travel guide publisher Lonely Planet in October.

Teaming up with a private equity partner would allow BBC Worldwide to acquire larger companies by taking smaller stakes. A recent precedent is Guardian Media Group and Apax Partners' joint acquisition of Emap.

According to The Times today, the company may be interested in 'Bob the Builder' rights owner Hit Entertainment. 

BBC Worldwide will also lobby the Government to raise its borrowing limit, which would give it the ability to buy any eventual private equity partner out a few years down the line.

All of the company's profits are returned to the BBC, which is currently downsizing and cutting thousands of jobs after last year's lower than expected licence fee settlement.

BBC Worldwide reported record pre-tax profits of £111m last year and is targeting £200m profits in five years.