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BBC Magazines, Aegis, Starcom, Initiative and CBS Outdoor have all signed up to a trial of the system, which has been in development for two years and will have received $10m (£5m) of investment by the end of 2009.

The system, which trades as an online platform, allows print, outdoor and radio inventory to be traded. TV and online will be included at a later date.

It allows media owners to detail their ad inventory on the system, including price and positioning.

Media agencies and advertisers can then log on and purchase ad space or even bid against rivals for ad spots.

The company has embarked on a drive to sign up media owners and agencies, ahead of a pilot launch this month.

Martin Banbury, MediaEquals chief executive, said he is aiming for a full launch four or five months after the pilot ends.

Banbury is founder of media and marketing group The Mission, part-owner of insurance firm Insure & Go, and a former brand manager at Procter & Gamble.

He and co-founder Fredrik Lexmon, MediaEquals commercial director, have been working on the launch of the system for the past two years.

Their new venture aims to generate revenues by taking a commission of between 4% and 8% on all transactions made and offers media owners and agencies free sign-up to the project.

The creation of MediaEquals is, in part, a fightback against Google, which intends to launch a comprehensive trading platform in the UK in 2009.

Banbury said MediaEquals' independent status will give it an advantage over others.

"Every time a market embraces the internet, trading improves as a result," he said. "Offline media is in trouble and the time is right to do something about it.

"Google is getting its business from somewhere and, as a consequence, press is in real trouble."

Banbury said it is a natural development for media to look to cut down on admin through an online system, as other industries have.

"The industry needs a single winner," he said. "Media buyers know this and don't want umpteen systems running at the bottom of their screens."