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The new company, which has been formed to house beeb.com and freebeeb.net, is valued at £240 million, following THLi's stake.

The move could signal the first of many deals as the BBC steps up its efforts to gain greater value from its commercial businesses. The capital from THLi will be used to develop its technology, expand its services and market them.

Rupert Gavin, chief executive of BBC Worldwide, said: "The deal comes at a time of exceptional market opportunity, due to a forecast of explosive growth in UK e-commerce. THLi's investment and expertise, together with the strength of the BBC brand, gives beeb.com and freebeeb.net a major strategic advantage in a rapidly growing marketplace."

Beeb.com, an online shopping guide and freebeeb.net, a pay-as-you-go ISP, will have a marketing budget of £7 million. New sites are planned, the content and functionality on existing sites will be improved and the BBC is looking into developing new platforms in interactive TV and WAP phones.

Gavin has emphasised that the development of BBC Worldwide's internet businesses will be kept distinct and separate from its public service sites. The BBC, however, is keen to exploit its commercial activities to help plough funds back into programme development. BBC Worldwide already has joint venture deals with the Discovery Channel and the cable and satellite operator, Flextech.

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