Sky is to take a majority stake in Love Productions, the producer behind The Great British Bake Off.
The broadcasting corporation is thought to have shown interest for many months and has supposedly submitted a "knockout bid" to secure a significant stake in the company, reports Broadcast Now.
Love is reportedly keen to use the deal as an opportunity to develop brands such as The Great British Bake Off and The Great British Sewing Bee in the US.
Although BBC Worldwide previously sold the Great British Bake Off format to 13 countries including France, Australia and Germany, Love aired US spinoff The American Baking Competition on CBS, featuring Paul Hollywood on the judging panel. It was axed after one season.
The deal will be Sky's first major investment in the UK independent sector.
Aside from The Great British Bake Off, Love was behind Channel 4's Benefits Street, which was recently cleared by Ofcom, as well as My Last Summer and The Cruel Cut.
The company's turnover was almost £14m last year, according to Broadcast's Indie Survey 2014.
