ITV is in advanced talks with the creator of The Traitors to form a £3 billion television production business.

Carolyn McCall, the chief executive of ITV, has been in discussions with the owners of All3Media, the Emirati-backed fund RedBird IMI, led by former CNN boss Jeff Zucker.

ITV looked at buying the London-based firm two years ago, but was outbid by Redbird IMI’s £1.15 billion offer.

As well as The Traitors, screened by the BBC, All3Media’s other hit shows include Gogglebox and Call The Midwife and if a deal goes through this time it would be combined with ITV Studios, which produced the award-winning drama Mr Bates Vs The Post Office and is also behind Love island and The Voice.

Ms McCall wants to create a new company whose shares would be listed on the London Stock Exchange, with the ITV broadcast and its streaming business retaining their separate listings.

ITV Studios and its streaming service now produce most of the company’s revenue and the Mail on Sunday notes that Ms McCall is under pressure to unlock value by hiving it off.