Endemol, the maker of Deal or No Deal and the creator of Big Brother, has been sold to a consortium that includes the former prime minister of Italy in a deal valued at €2.6bn (£1.8bn, $3.5bn).

Telefónica, the Spanish telecoms group, paid €5.5bn for Endemol in 2000 and will generate a big tax loss on the sale of its remaining 75 per cent stake.