NEW YORK ( TheStreet) -- Stock market icons such as the Dow Jones Industrial Average and S&P 500 could be combined in a joint venture, a report said.

McGraw-Hill ( MHP) is in advanced talks with CME Group ( CME) to form a stock-market indexes venture, The Wall Street Journal reported, citing people familiar with the situation.

Talks to form a joint venture between McGraw-Hill's S&P Indices business and CME's Dow Jones Indexes unit began more than a year ago and could still fall apart, the people said. If a deal goes through, the combined indexes business venture would be managed by McGraw-Hill, and McGraw-Hill would own most of the joint venture.

Under the terms of the deal being discussed, CME would get a minority stake of about 25%, while Dow Jones & Co. could have a minimal stake, people familiar with the matter told the newspaper.

McGraw-Hill announced earlier in September it would split its financial-services and education units into two public companies. If the stock-indexes deal goes through, the joint venture would become part of the new McGraw-Hill Markets, people familiar with the matter said, the Journal reported.

-- Written by Joseph Woelfel

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