Mar. 21, 2012 (China Knowledge) - QVC Inc, the largest television retailer in the U.S., said yesterday that it would set up a joint venture with China National Radio's home shopping TV channel, CNR Mall TV, to enter the country's growing consumer and media market.
West Chester-based QVC, a subsidiary of Liberty Interactive Corp, will hold a 49% stake in the JV, called CNR Home Shopping Co, while CNR Mall TV will take the controlling 51% stake.
The JV will be headquartered in Beijing
and managed by executives from both QVC and CNR Mall TV.
QVC did not disclose any financial terms of the deal, which has obtained Chinese regulatory approval.
Through the establishment of the JV, QVC hopes to reach more of the 195 million Chinese households with digital cable, said Chief Executive Mike George.