CIA Group chairman Chris Ingram, and Richard Humphreys, partner in Adcom, which owns US agency NW Ayer, are funding an Internet broad-casting service launching in July.
The partners have already invested 1m in the secret project, known as Channel 11, which has 200 staff and will begin broadcasting on July 1. It will be run day to day by former business press ad sales director Tim Carron-Brown.
Channel 11 has the technology to broadcast real-time video on-line. It starts with three 24-hour rolling news services targeting the food and drink industries. The three business services, Drink News, Food News and Wine News, will carry subscription-only information and trading services, as well as the free news broadcasts. The news will be read by London News Radio presenter Claire Catford, and will carry ad breaks.
Subscriptions will provide most revenue for the business service.
In September, three more channels will be launched targeting consumers, initially with food and drink editorial. The free service will include restaurant reviews, offers and a viewer response mechanism, and be funded entirely by advertising.
The service is being housed in offices owned by CIA Group at its headquarters in Blackfriars, London.
Channel 11 also plans to sell programmes to cable and satellite operators.