British media company ITV is taking over Dutch production company Talpa, owned by John de Mol.

Talpa said ITV is paying €500m for Talpa but this may go up to €1.1bn depending on its performance over the next eight years and the involvement of De Mol in the company.

The deal still has to be approved by regulators but is slated for finalisation in the second quarter of this year. Record label 8ball Music, radio stations Radio 538 and Slam FN and Talpa’s stake in SBS Nederland remain outside the agreement.

Talpa is known for its reality show formats such as The Voice and Utopia. Over the past six years the company has developed 75 formats which are used in 180 countries worldwide.

‘Of all the possible partners for Talpa, ITV undoubtably fits us best,’ De Mol said in a statement. ‘It is a great opportunity for Talpa to grow further. And for me personally, it means I can focus entirely on the creation of new, boundary-pushing content.’