Talks of an ATP and WTA merger are underway and the tours could soon start combined commercial activity under the name OneTennis, according to Sky News.

It also said that investment group CVC Capital Partners is involved in a potential $600m agreement that would give it a "minority stake" in a move aimed at turning the tours into a single commercial entity. The group, according to Sky News, is looking for approval from the ATP and WTA boards this month.

The new combined organization apparently would be led by Mark Webster, the chief of ATP Media. That indicates it would largely be concerned with broadcasting and communications for the men's and women's tour.

ATP Media is currently the broadcasting arm of the ATP Tour, and is owned by the ATP and Masters tournaments. ATP chairman Andrea Gaudenzi has repeatedly spoken of his interest in combining the ATP and WTA to provide a simpler experience for fans.

But CVC's investment would also include tournament improvements and higher player prize money, said Sky.

The group previously controlled Formula1 racing and is involved with rugby, volleyball and other sports.

The ATP & WTA tours did not confirm the talks.