German media giant Hubert Burda is reportedly poised to buy Radio Times publisher Immediate Media in a deal worth £260 million.
The takeover of Immediate Media - which has been owned by Exponent Private Equity since 2011 - is expected to be confirmed this week, according to Sky News which cited sources.
Exponent Private Equity declined to comment.
The report suggested that Immediate Media would operate as a separate business, instead of bringing a raft of media and lifestyle titles under one roof.
The German media giant is best known in the UK for magazines like YourHome and Wedding Flowers.
Immediate Media publishes a number of BBC titles, including Top Gear, Gardener's World Magazine, Countryfile and CBeebies, as well as Homes & Antiques, Lonely Planet Traveller and BikeRadar.
Sky said it is likely that the deal will formally require the BBC's consent, but that the deal is unlikely to face major obstacles as a result.
Exponent created Immediate Media through a merger of BBC Magazines, Magicalia and Origin Publishers in 2011.
According to its website, Exponent Private Equity was "attracted to the business by its market leading brands in attractive specialist verticals and its subscriber base; the largest in the UK."