The BBC and Channel 4 are said to be in discussions about a joint £500m deal to take full control of UKTV.
The operator, which broadcasts channels including Dave and Gold, is 50 per cent controlled by BBC Worldwide and 50 per cent controlled by Discovery.
BBC Worldwide reportedly wants control of UKTV because it is the biggest driver of its profits and a significant source of its funds. Discovery Communications acquired the stake as part of its £9bn deal for Scripps Networks Interactive in March.
The BBC is unable to finance the move for UKTV on its own, however, the Guardian reports.
UKTV currently returns part of its profits to the BBC and licenses a number of BBC Studios programmes, while it also handles the ad sales operation for Channel 4.
A joint deal would provide the broadcaster with an additional revenue stream in the pay-TV market.