QVC Inc., the world's largest television and online retailer, is starting a joint venture with China's national radio broadcaster to enter the world's most populous growing consumer and media market.
QVC said Tuesday it would acquire a 49 percent stake in China National Radio's home shopping channel, which reaches 35 million Chinese households. The companies will form a joint venture called CNR Home Shopping Co. Ltd., based in Beijing. QVC, Weschester, Pa., is a division of Liberty Interactive Corp. (NASDAQ: LINTA).
QVC hopes to eventually reach more than 195 million Chinese households through digital cable, CEO Mike George told the Wall Street Journal.
QVC has long recognized the great potential of having a retail presence in China, he said in a statement. We are pleased to be able to enter this dynamic market with a strong partner.
The company's programming reaches about 195 million homes globally, with operations in the U.K., Germany, Japan and Italy.
Liberty Interactive closed down Tuesday 16 cents to $19.34.