The familiarity is at the brand level. Apollo is the parent company of Core, which produces "American Idol." Core is a Dutch firm that produces the reality shows, "Deal or No Deal" and "Big Brother."
The Wall Street Journal reported Friday the deal may also include an investment from Peter Chernin, who is the former president of News Corp., which owns the Wall Street Journal, and is currently developing shows independently.
The Journal also said Providence Equity Partners could also jump into the deal.
One hangup in the talks, which are in the early stages, comes from the co-founder of Endemol, John de Mol, who is seeking to turn the deal into an acquisition of Apollo in a move that would buy out other investors, as well.
De Mol is seeking to own the companies outright, the Journal said.
Apollo already owns a piece of Endemol, having bought a share of the Dutch firm's debt when it restructured its finances earlier this year.