Award-winning comedy character Ali G is one of Talkback's stars

Talkback is the company behind a string of hit entertainment and comedy shows, including Da Ali G Show, Smack the Pony and They Think It's All Over.

Its managing director, Peter Fincham, owns the remaining 24% of the company which Smith and Rhys Jones set up in 1981.

Since then, Talkback has grown into one of the UK's leading independent production companies with sales last year of �32m.

Despite the sale, the three men at Talkback's helm will remain directors and the company will stay independent within Pearson's TV production business.

Pearson TV, which has 160 television programmes in production in 35 countries, is part of a group which owns the Financial Times newspaper.

Its best-known series include Australian soap Neighbours, Baywatch and the formats for game shows Blankety Blank and Family Fortunes.

The sale of Talkback comes five months after broadcaster Chris Evans landed a �75m windfall in cash and shares after selling his TV company Ginger to Scottish Media Group.