Endemol has reached an agreement with a “significant majority” of its lenders, bringing to an end more than a year of talks to restructure its €2.8 billion debt.

The TV production company said that it had reached an agreement in principle with more than two-thirds of its lenders to push through a restructuring of its finances. It is thought that under the agreement, Endemol’s debt will be slashed to about €500 million.

Endemol’s three shareholders – who own a third of the company each – are expected to relinquish control of the production house with their combined stake reduced to below 50 per cent. The owners will retain seats on the board but will be joined by representatives of the lenders.

Endemol is jointly owned by Silvio Berlusconi’s Mediaset, Goldman Sach’s Capital Partners and Endemol founder John de Mol’s investment vehicle Cyrte.

Endemol is understood to have made earnings before interest, tax, depreciation and amortisation of about €150 million last year.

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