Pricey Media will develop, produce and co-produce new shows and formats and its first co-production will be What Katie Did Next, which will feature Price following the high profile split from husband Peter Andre.
A spokesman for Pricey Media said it plans to work with leading producers on developing Price's career across a number of genres and is already in discussions on a number of new projects.
Wagman said Price is a huge personality and he is delighted that, with the formation of Pricey Media, they can look to "broaden her broadcast career" both here with ITV and internationally.
Zai Bennett, director of digital channels and acquisitions, ITV, said Price has been a "high profile star" on ITV2 for several years and ITV is looking forward to working with her and Wagman on a range of different shows and formats in their "exciting new venture".
Price said it is great to start Pricey Media by co-producing the new reality series and she is really excited to be "getting more involved" with new shows and formats for next year.
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