BERLIN — MTV Networks Europe and execs at Brainpool TV agreed Wednesday on a management buyout of the latter, one of Germany’s most successful format producers.

A group of Brainpool execs led by managing director Joerg Grabosch will take control of the Cologne-based company Jan. 1.

Brainpool was part of the Viva Group that MTV acquired in 2004. No terms were announced.

“The business areas of Brainpool were not part of our long-term strategy, and we’re glad we found a fair resolution to ensure Brainpool will maintain its standing as one of the top German production companies,” said MTV Networks Europe topper Simon Guild.

He said it was possible the two firms would continue to work together. “It’s still our intention to expand ties to local production companies,” he explained.

German media speculated that MTV agreed to the management buyout after two of Brainpool’s top talents, Pro-7’s popular latenight host Stefan Raab and comedian Anke Engelke, canceled their contracts in September, damaging the value of Brainpool. Both now will stay on as part of the new management team, according to German media reports.