China's biggest online retailer Taobao.com plans to set up a joint venture with broadcaster Hunan Television, in a move to expand its portfolio beyond online shopping, the China Daily reported Wednesday.

The new company, with a total investment of 100 million yuan (US$14.64 million), will produce TV programs related to online shopping and launch a new channel for selling products through the online retailer, said the newspaper.

"The joint venture is our attempt to combine the Internet and television, and find a new way to develop both, " Jack Ma, founder and CEO of Alibaba Group, the parent company of Taobao.com, was quoted as saying.

The company has joint forces with Wasu Digital TV Corporation Ltd.earlier this month to develop a TV-based shopping channel, which is expected to be launched in the first half next year, according to the newspaper.

"Taobao.com. is trying hard to reach more potential customers by covering different media platforms," Cao Fei, an analyst with research firm Analysys International, was quoted as saying.

Taobao.com now has 180 million registered users, accounting for almost half of the 380 million Internet users in China.

(Xinhua News Agency December 30, 2009)