LIBERTY MEDIA, the television and telecoms company controlled by John Malone, has put its $5 billion (£3.2 billion) stake in the QVC shopping channel up for sale to raise cash for a potential bid for DirecTV.

The move marks the clearest indication yet that Liberty is preparing to make an autonomous bid for DirecTV, a satellite broadcaster owned by Hughes Electronics, rather than pursuing a joint bid with The News Corporation, parent company of The Times.

Liberty owns 42 per cent of QVC. The remainder is owned by Comcast, a cable TV and internet company.

Liberty announced yesterday that it wants to quit the joint venture, triggering a 30-day period of talks during which the two partners must determine a fair value for QVC. Under the terms of the arrangement, both sides must decide whether to take full control of the shopping channel or find a third-party buyer for the whole company.

Analysts believe QVC, which sells catalogue-style goods on its TV channels in the US, UK, Germany and Japan, is worth about $11.1 billion, valuing the Liberty stake at more than $4.6 billion.

Liberty already has more than $2 billion in free cash on its balance sheet and access to billions more via the sale of hedged positions and other investments to help it to fund a go-it-alone bid for DirecTV.

A spokeswoman for Liberty said that the company hoped the sale would go ahead at the end of the month but declined to comment about what the proceeds would be used for. “At this point it is too soon to say. Because of the terms of the contract we have to be prepared to purchase QVC if Comcast doesn’t.”

Comcast declined to comment but a source indicated that the company would negotiate “very hard” to get the 42 per cent of QVC it does not own for a reasonable price and would be prepared to walk away if necessary. “This is not a done deal by a long stretch,” the source added.

DirecTV was put up for sale late last year when federal regulators scotched plans for it to merge with EchoStar Communications because of competition issues. News Corp, which made an unsuccessful attempt to woo DirecTV in 2001, is widely expected to bid for it.