Liberty Interactive Corporation sold its digital commerce companies, including Backcountry.com and Bodybuilding.com, and renamed itself QVC Group Friday as part of its previously announced plan to focus its shareholders on its rapidly growing QVC television shopping business.

In a transaction approved by its board of directors, Liberty Interactive Corporation sold its digital commerce companies, including $1 billion in cash, to Liberty Ventures Group in exchange for approximately 67.7 million shares of Liberty Ventures common stock. The transaction valued the digital commerce companies, which are comprised of Backcountry.com, Bodybuilding.com, CommerceHub, Evite and The Right Start, at $1.5 billion.

“We are excited to introduce the QVC Group which focuses on our leadership position in video commerce, enables a cleaner comparable analysis and provides for more targeted share repurchase and equity incentives,” said Greg Maffei, Liberty Interactive President and CEO. “The Liberty Ventures Group is projected to have over $2.7 billion in cash by year end which we can invest in a wide set of opportunities in TMT, including digital commerce.”

Immediately after the transaction, Liberty Interactive’s board declared a special dividend of the Liberty Ventures shares to its shareholders and changed its name to QVC Group. The shares will be paid out to owners of outstanding shares of QVC Group Series A common stock and QVC Group Series B common stock as of 5:00 p.m. EST Oct. 13, 2014. Cash will be paid in lieu of fractional shares. The distribution date for the dividend will be Oct. 20, 2014.

The transaction excludes Provide Commerce, which is party to an agreement to be merged into FTD Companies, Inc.

Liberty Interactive has applied to the Nasdaq Stock Market to change the LINTA trading symbol to QVCA and the LINTB trading symbol to QVCB. The effective date of this change will be announced separately.

Liberty Interactive suspended its stock repurchase activity in September and will reevaluate the resumption of repurchases after the public announcement of its earnings for the third quarter.