French production company Banijay Group is in advanced discussions to buy Endemol Shine Group Ltd., the Netherlands-based TV production giant behind "MasterChef," "Black Mirror" and reality TV show "Big Brother," according to Variety.

Banijay is controlled by Stéphane Courbit's LOV Group and De Agostini SpA's DeA Communications. Vivendi SA also owns a stake in Banijay.

The news comes shortly after British commercial broadcaster ITV PLC ruled out a bid for Endemol Shine.

Endemol Shine reportedly hired Deutsche Bank and Liontree in June to explore a sale that could value the company at between $2.5 billion and $4 billion.