The magazine, titled Reveal, is targeted at women of all ages and backgrounds and includes a mix of celebrity, lifestyle and television listings.
The magazine will retail for 拢1 and have an ordinary print run of 500,000, but the launch issue this week will be a promotional giveaway with 600,000 free copies to be distributed through Tesco, WHSmith Travel and independent retailers.
Reveal will form part of the joint venture with Australian Consolidated Press once the new company is established.
Jessica Burley, group publishing director, said: "Reveal has been in development for just under a year.
"When we started this project we had a blank sheet of paper and an open brief to produce a completely new weekly magazine for women."
Burley said the magazine was unique but most similar to Closer, published by rival Emap.
Reveal will also become the second title 鈥 after Best magazine 鈥 in the new NatMags partnership with the Australian Consolidated Press, called ACP-NatMag.
Colin Morrison, chief executive of ACP, said: 鈥淎CP has been a very strong supporter of Reveal ever since we became involved.
鈥淭he success of what will be the second weekly magazine in our new joint venture will provide early evidence of the huge potential of ACP-NatMag.鈥
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