Woolworths’ pensioners risk missing out on an expected £50m after BBC Worldwide cut the amount it is prepared to pay for the joint venture between the broadcaster’s commercial arm and the failed retail group.

2Entertain, which publishes DVDs, is held 60 per cent by BBC Worldwide and 40 per cent by Woolworths. The broadcaster was prepared to pay more than £100m for Woolworths’ stake just before the retailer collapsed into administration but has cut its indicative offer to about £40m, according to a person close to the talks.

The stake in the joint venture was up for sale for months before Woolworths’ collapse, and the first £50m of the sale price would go to the pension fund.

2Entertain was kept out of administration when the main retail and wholesale divisions collapsed last month, but it needs funding to continue in business.

GMAC and Burdale, bankers to Woolworths, are due to meet BBC Worldwide executives on Monday to try to come to an agreement. The Woolworths board has not agreed to a deal.

2Entertain has been damaged in the fall-out from the Woolworths administration, with a main supply route hit by the administration of EUK.

Moreover, as part of the joint venture agreement signed by Woolworths’ previous management and BBC Worldwide, 2Entertain loses the rights to content such as the Blue Planet series and Doctor Who if Woolworths goes into administration.

Both factors have weakened 2Entertain and strengthened the negotiating position of BBC Worldwide. It has also created more difficulties for Woolworths’ directors, who are trying to get the best deal for pension fund members.

The BBC declined to comment on the scale of any offer. Under any deal, 2Entertain would be likely to form part of a proposal for a combination between the struggling broadcaster Channel 4 and elements of BBC Worldwide, discussions on which were reported by the Financial Times last week.