Grade is already chairman at TV and film studios Pinewood Shepperton, which earned £640,577 from the BBC last year.
If Grade and theatrical agent Michael Linnet's £290m bid for Lloyd-Webber's company is successful, it is likely Grade would act as non-executive chairman, which may help the BBC secure TV deals for musicals including 'Phantom of the Opera', 'Cats' and 'Evita'.
The bid is also likely to cause a stir at Television Centre, because Grade is committed to work four days a week at the BBC, but expanding his responsibilities to chair a fourth company would inevitably mean reducing his time spent regulating the corporation. He also chairs financial information company Hemscott.
First-round bids for the Really Useful company closed last Friday so it is unlikely a winner will be announced till the end of summer. US media giant Clear Channel Entertainment has entered into the auction, although the amount offered for the business has yet to be confirmed.
The BBC declined to comment on the situation.
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