Spanish telecoms group Telefónica yesterday launched the sale of its 75 per cent stake in Dutch television production firm Endemol - the creator of reality TV hit Big Brother- by hiring financial advisers.

Endemol has enjoyed global success with Big Brother, as well as with game shows such as Deal or No Dealand Who Wants to be a Millionaire?

Private equity firms and Endemol co-founder John de Mol are considered potential bidders after months of speculation about who might bid for the stake.

Telefónica formally launched the sale of its stake by hiring Lehman Brothers as advisers. A buyer for Endemol could be announced within two months, a source close to the process said.

Analysts have cited Endemol's run of hit formats, global network, strong cash-generation and low borrowings as an attractive draw for potential bidders.

Telefónica, which bought Endemol for €5.5 billion in 2000, listed a stake in the company in 2005, and the shares have more than doubled from the €9 issue price. Endemol's current market capitalisation is about €2.7 billion.

The Spanish company wants to get out of the content-producing business to concentrate on distribution. It is in the pay-TV business in Spain and Latin America and distributes multimedia content to its mobile-phone clients.

"If Telefónica were to decide to divest its 75 per cent stake in Endemol NV, it is its intention to solicit from the potential purchaser a public offer for the other 25 per cent of the shares outstanding in Endemol NV," Endemol said.

Mr de Mol's investment vehicle, Cyrte, has a stake of 5.15 per cent in Endemol, according to filings with Dutch market regulator AFM.

Spain's leading television channel, Telecinco, said on Thursday that it would meet its Italian parent company, Mediaset, next week to study a possible joint bid for Endemol.

Mediaset has said previously that it was interested in teaming up with Mr de Mol for a possible bid.