Reality producer Stuart Krasnow has made a two-year deal with FremantleMedia North America to head a spinoff production company. The parties were scheduled to announce the pact March 7.

Krasnow Productions aims to create reality programming for broadcast, cable and syndication. Though the company will be independent, Mr. Krasnow (“Average Joe,” “Weakest Link”), will have first crack at Fremantle’s foreign reality formats.

“The spirit of the deal is that it can be a two-way relationship,” Mr. Krasnow said. “I like to look at formats, change them up and make them right for a younger American audience, and Fremantle has incredible formats from around the world.”

Mr. Krasnow’s previous deal was with NBC. It lasted four years and expired Feb. 1.

The arrangement with Fremantle is unique for the global programming company, which typically hires talent directly. Titles resulting from the venture will be joint productions.

Tom Gutteridge, CEO of Fremantle North America, said the deal is a reflection of Mr. Krasnow’s desire for independence.

“Stuart really wanted control of his own stuff, yet wanted a home where he could grow,” Mr. Gutteridge said.