Spain's Telefonica has sold 22.3 percent of Dutch reality television production company Endemol at 9 euros per share, a company source said on November 22.
That values the company at around 1.1 billion euros ($1.3 billion).
The company behind TV programmes Big Brother and Fear Factor, bought by Telefonica for in 2000, said earlier this month it was targeting an offer price of 8.80 to 12.80 euros per share for the 125 million shares it plans to list.