BBC Worldwide is planning to enter partnerships with private equity groups and other financiers as it prepares to invest in companies in sectors including media production, publishing and intellectual property.

John Smith, chief executive of the BBC's commercial subsidiary, is understood to have held talks with buyout groups in recent months.

BBC Worldwide's last significant deal was its acquisition of a 75 per cent stake in Lonely Planet, the travel guidebook publisher, in September last year. It is thought to believe that it is in a strong financial position to do more sizeable deals. Entering partnerships with the private sector would enable it to get involved in larger deals by holding stakes of up to 50 per cent.

The Treasury imposes an annual borrowing limit of up to £350million on BBC Worldwide and, with an ambitious strategy focused on expanding the company internationally through acquisitions and the sale of BBC formats from Top Gear to Strictly Come Dancing, the limited debt facility could become restrictive.

Last year, BBC Worldwide announced record profits of £111.1 million before tax, up 24 per cent on 2006 and twice as much as the £55.2 million achieved in 2004-05. Its target is to reach £200million in profits in the next five years.

While it is not yet known which private equity groups Mr Smith has spoken to, BBC Worldwide could form a similar partnership to the Guardian Media Group (GMG) and Apax Partners, the private equity firm, which have joined forces to buy Emap's business-to-business operations.

Last year Apax separately paid £650million for a 49 per cent stake in Trader Media Group, the GMG unit that includes the classified advertising magazine Auto Trader.

It is understood that BBC Worldwide would be open to a number of deals in a range of media sectors. While it is understood to have taken a close look at the intellectual property group Entertainment Rights, which owns Postman Pat, it is understood to have decided against an approach.

However, another intellectual property group that could be of interest includes Hit Entertainment, which owns the rights to Bob the Builder. Hit Entertainment was bought by Apax Partners in 2005.

Production houses and publishing groups are also likely targets.

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