The television and online shopping giant QVC Incorporated is expanding into China.
West Chester, Pennsylvania-based QVC says it's agreed to form a joint venture with China's government-owned radio, China National Radio, to operate a retailing business in China through CNR Mall TV. CNR Mall TV is a shopping television channel with an associated website.
The joint venture, known as CNR Home Shopping Company Ltd., will be headquartered in Beijing.
QVC will own a 49 percent stake and China National Radio will own the remaining 51 percent. The financial terms of the deal were not disclosed.
The shopping channel, which will continue to be wholly owned by the government entity, reaches about 35 million homes within China. The deal requires approval by Chinese regulators.
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Copyright 2012 WFMZ. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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