London, Oct.13 : The BBC is to sell Television Centre, its headquarters in West London, to help improve its finances.

According to The Telegraph, the sale has been rumoured for some time, but the corporation's governing body, the BBC Trust, is to approve the deal at a meeting on Wednesday.

Property experts say the site, which houses many of the BBC's senior executives, could sell for over 300 million pounds.

The building, which was opened in June 1960, will not be sold until 2013. By then, some operations will have moved to Salford, near Manchester. The BBC will also have finished its redevelopment of Broadcasting House in Central London.

"The BBC is going to get smaller over the next few years, and Television Centre will be surplus to requirements. It needs refurbishment, which would cost between 60 million pounds and 80 million pounds. It makes sense to realise its value," said a BBC source.

In another move to cut costs, some of the BBC's leading television personalities may be told next week that their salaries will be cut. BBC’s Director General, Mark Thompson, is to break the news to the celebrities on Wednesday. (ANI)