Kirsty Wark set up her production company in 1990

IWC Media was formed last year in a merger between companies owned by BBC Newsnight presenter Kirsty Wark and broadcaster Muriel Gray.

RDF Media said it was in the "early stages" of discussions.

Analysts believe IWC, best known for property show Location, Location, Location, will be worth about �15m.

New company

If a deal happens, it could lead to substantial payments for Ms Wark, Ms Gray and IWC's other owners.

IWC was created last year when two of Scotland's biggest independent production companies, Wark Clements and Ideal World, merged.

Ms Wark and her husband Alan Clements set up their company in 1990 and Mr Clements was made chairman of the new company.

Other shareholders include Ms Gray, who set up Ideal World in 1987.

RDF Media are the makers of Wife Swap

Last year, Glasgow-based IWC made about �20m-worth of programmes, putting it in the top 10 of the UK's independent production companies.

As well as Location, Location, Location, programmes have included Russian Revolution in Colour, The Hunt for Dando's Killer and State of Mind.

In October last year, RDF signed a two-year deal with IWC for all the rights to its factual output.

The companies also worked together when RDF sold and distributed IWC programmes such as Siamese Survivors and The Baby Maker: Britain's Busiest Surrogate.

RDF, which is also responsible for shows such as Faking It, Scrapheap Challenge and Shipwrecked, floated in April with a value of �48.8m.