According to reports in the Spanish newspaper La Gaceta, Time Warner executives met bosses at Telefonica in New York a few weeks ago to discuss a possible buyout, after writing to them on an earlier occassion to discuss a deal.
Endemol made its name producing reality TV shows, namely the phenomenonally successful 'Big Brother', which is sold in almost every developed country around the world.
In the UK, it made reality show 'The Farm' for Five, as well as lifestyle shows including 'Changing Rooms' and 'Ground Force' for the BBC.
Telefonica bought most of the Dutch firm Endemol in July 2000 for £3bn, acquiring the remaining £60m share from Guardian Media Group a month later in an attempt to capitalise on the 'Big Brother' format.
In December last year, Telefonica replaced Endemol co-founder Jon de Mol with its own executive Joaquin Agut Bonsfills, a move largely considered as a precursor to a sale.
An Endemol spokeswoman was unable to comment. Telefonica had no comment to make.
In 2002, Telefonica turned down a bid from German media giant RTL to buy the business. The bidding price was never disclosed.
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