Endemol, which makes Channel 5's Big Brother and Deal or No Deal for Channel 4, said that it had reached a "milestone" deal with more than two-thirds of its lenders to push through the financial restructure.
Media reports suggest that the deal will reduce Endemol's debt to about €500m.
Endemol's three shareholders - Goldman Sach's Capital Partners, the Silvio Berlusconi-owned Mediaset and Endemol founder John de Mol's Cyrte investment vehicle - are expected to reduce their stake to around 50% and also relinquish control of the production firm.
The three major shareholders will retain seats on the Endemol board, but will also be joined by representatives of some of the firm's lenders, which include Apollo Management, Centrebridge, Providence Equity Partners and RBS.
In a statement, Endemol global president Marco Bassetti said: "We are delighted that the majority of our lenders have in principle agreed to the proposed commercial restructuring terms and we can now enter into the final part of the process. A solution that puts Endemol on a strong financial footing for the future is now imminent."
Endemol was the subject of a €1bn cash takeover bid from Time Warner last year. ITV was also rumoured to be interested in teaming up with Mediaset to acquire the firm, while European broadcasting giant RTL has kept a close eye on the situation.
However, the Endemol board has instead opted to pursue a strategy of restructuring the debt mountain and remaining independent, despite some disagreement among the shareholders over whether this was the right way forward.
The company said that talks will continue over coming weeks to finalise the agreement, but there are thought to be enough parties behind the deal for it to go ahead.
Endemol management said that freeing up the "onerous" constraints of the current capital structure will enable the firm to "pursue exciting growth initiatives and build upon the solid progress that the group has made in 2011 as we focus on and develop the creative strategy which lies at the heart of our business".
It is understood that Endemol's earnings before interest, tax, depreciation and amortisation were €150m last year.