Five, which was granted a licence enabling it to expand into satellite and cable television last November, had previously said it had no immediate plans to join the digital rush.
According to Broadcast, Amina Razaq, Five's commissioning editor for factual entertainment is helping to develop the launch, and it is believed that talks with UK and US suppliers about providing chatshow-style programmes are under way.
The broadcaster has so far declined to comment specifically on the venture, but the launch of the likes of Channel 4's More 4 and ITV's latest digital channel ITV4, which are aimed at male audiences, have proven such ventures to be successful.
Five has a number of new channel ideas at the development stage, with the proposed new women's channel now the frontrunner. RTL, the owner of Five, have provided the revenue to enable the venture to develop.
Living TV has carved out a successful space in the digital market, allowing it to beat Sky One, with schedule targeting women with shows such as 'America's Next Top Model', 'Will & Grace', 'Extreme Makeover' and 'Grey's Anatomy'.
Five, which bought an undisclosed stake in Top Up TV in November, is also looking to expand 'Milkshake', its children's TV schedule. The broadcaster has so far declined to comment on the new developments.
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