I haven't posted anything about this sooner, because I personally don't think there is much chance of it being true. In my opinion probably the two worst sources out there are National Enquirer and News Of The World - they both have made up so many stories. There have been rumors of a reality show in the past however, back just a few weeks after Kevin and Britney filed for divorce. So I think it's possible there may be a reality show at some point, just probably not the one described by National Enquirer.
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Source: National Enquirer, March 19, 2007 and britney.cl