Endemol sale on the cards
The long-awaited agreement indicates a possible sale of the whole business, which could happen once Endemol France is reintegrated by the middle of February.
Five bids for Telefónica's 75% controlling stake of the company are understood to have been placed in November.
Media analysts at Credit Swisse said: "Clearly the tidying up of Telefónica's holdings in Endemol will be seen as a precursor to a full sale of the group."
On Monday the Dutch reality TV tycoon John de Mol, and founder of Endemol, acquired a 5.15% stake in his old company.
De Mol and partner Joop van Ende sold Endemol in 2000 to Spanish Telefonica for $6.9 million. The company is now believed to worth $3.3 billion.
Some quarters believe de Mol is looking to acquire a controlling stake. In September, he told Reuters he had been mulling buying a stake in Endemol but that he had no interest in its day-to-day running.
A bid is also expected from Endemol's chief creative officer Peter Bazalgette and chief operating officer Tom Barnicoat, involving a private equity firm.