The Summer Sets on the Beach festival will debut on 31 August with more than 30 performers set to play across three stages.
It replaces the T4 on the Beach festival, which held its last event in 2012 after a ten-year run, following Channel 4 winding up the T4 brand.
ITV will be screening the event live on ITV2, followed by a one-hour special on ITV.
Kate Maddigan, ITV commissioner, entertainment, said: "Summer Sets on the Beach will close our summer schedule and start our autumn season with a bang. It's going to be one big party that will be as fun to watch as it will be to attend."
Meanwhile, Done and Dusted executive producer Mel Fletcher said that after producing T4 on the Beach for ten years, "there is no better place to stage such an epic television event than Weston-super-Mare beach".
She added: "The communities far and wide have shown great loyalty to this event, so we are thrilled to be bringing them something even bigger and better this year."
The T4 on the Beach event was estimated to bring in around £5m each year to the local economy in Weston-super-Mare since it began its run in the town in 2005.
Councillor Felicity Baker, North Somerset Council’s executive member for tourism, said: "We are delighted that Done and Dusted are bringing Summer Sets on the Beach to Weston and building on the fantastic track record we have of hosting major music events.
"This promises to be a huge event to top off the summer and we are really looking forward to welcoming thousands of people to the beach to enjoy the show and everything that the town has to offer."
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