Spanish telecommunications group Telefonica has sold 75% of its stake in Endemol, which invented the 'Big Brother' television programme, to a consortium led by Italy's Mediaset for €2.6 billion.
The operation valued Endemol at €25 per share and Telefonica said it would book a capital gain of €1.4 billion.
The consortium includes Mediaset's Spanish media subsidiary Gestevision Telecinco, investment bank Goldman Sachs and Dutch investment company Cyrte which is headed by John de Mol, who co-founded Endemol.
Mediaset is controlled by former Italian prime minister Silvio Berlusconi's holding company Fininvest.
Telefonica bought Endemol in March 2000 for €4.8 billion but the firm's new board which took over later that year ruled it was a non-strategic asset as the company would now focus on broadcasting.
