The network, called Nahrain, is due to be set up later this month by Mohammad Gohar, the founder and chief executive of Egyptian production house Video Cairo Sat, according to a report in the New York Times.
Gohar said, "We just want to inform and entertain and basically help people with their daily lives."
The network will launch with a 10-hour schedule of news, musical variety shows, animation, Arabic-language sitcoms and a daily talk show called, 'Baghdad Today'.
The network plans to sell 80 minutes of advertising a day, but is not predicting to make much revenue in the first year.
Gohar has so far received $25m initial investment from Naguib Sawiris, the chief executive of Orascom an Egyption telecoms group, to start up the channel.
All this comes as the interim government in Iraq closed the satellite broadcaster, Al Jazeera, on Saturday for one month after alleging it encouraged criminals and gangsters.
The Iraqi authorities have accused the station of fuelling the wave of kidnapping of foreign workers by regularly screening tapes issued by the hostage-takers.
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