Time Warner in $1bn Endemol bid

Endemol, the TV production company behind Big Brother and Total Wipeout, has received an £861 million takeover approach from US media giant Time Warner.

The €1 billion non-binding offer comes as the Dutch company, which has offices in London, struggles under a €2.8bn (£2.4bn) debt pile.

The world’s largest independent TV company is understood to have breached banking covenants but lenders have shown it leniency until the middle of the month. Time Warner bought UK firm Shed Media last year.