French technology company Thomson/Technicolor and finance firms Exponent Private Equity and the Macquarie Group have also been selected to enter the final stage.
John Smith, BBC chief operating officer, said: "These shortlisted companies have not only demonstrated an appreciation of the value of BBC Broadcast, but also impressed us with their future growth plans and how they will work in partnership with the BBC."
Of the 14 companies eliminated from the longlist, 11 were financial firms.
The only industry bidder to make the shortlist is the French electronics giant Thomson/Technicolor. The only other industry contender Liberty Media-owned Ascent Media Group was cut from the running.
The BBC will now enter into detailed negotiations with the four bidders to find the partner who will not only deliver the best possible services, but will offer the best possible opportunities for BBC staff.
The corporation said it was on track to complete the sale by the end of the summer, subject to approvals.
BBC Broadcast offers a full range of services required to promote, playout and provide access to broadcast content across all media from television to mobile phones.
The business was put up for sale as a result of internal reviews by BBC director-general Mark Thompson on how to make the BBC more accountable to its licence fee payers.
As well as axing 3,750 staff over three years and moving a further 1,500 jobs north to Manchester, Thompson warned the BBC's commercial operations would be reviewed and potentially put up for sale as part of the £320m cost-saving initiatives.
The sale is subject to the final approval of the BBC governors, the executive board and secrtary of state for culture, media and sport Tessa Jowell.
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