The flotation of Endemol, the producer of the television show Big Brother, will value the company at a maximum of €1.5bn ($1.79bn), about €500m less than had been expected, and €4.5bn below what Telefónica paid for the company five years ago.

Bankers working on the deal said global co-ordinator and bookrunner Merrill Lynch and bookrunners ABN Amro, Credit Suisse First Boston are marketing a valuation range of between €1bn to €1.5bn. The formal price range will be announced on Monday.