My Network TV is being launched in response to the upheaval caused by Time Warner and CBS, which are launching the CW network in the same month.
News Corp owns 10 large regional TV stations that would have lost out as a result of the move by Time Warner and CBS, which will merge the WB network with UPN.
News Corp's stations carry programming from CBS's UPN, but CBS plans to close UPN and move its programmes to the new channel it is forming with Time Warner.
News Corp said that My Network TV would is to rely on a low-cost production model including two new hour-long soap melodramas, 'Desire' and 'Secrets', which are being developed to each run on every night of the week.
Other programming is in development, and ITV has been commissioned to come up with a US version of UK celebrity reality TV series 'Celebrity Love Island' for the network.
Peter Chernin, president and chief operating officer of News Corp, said: "From our perspective, this created a unique and wonderful opportunity. We don't have the burden of an old business model, which we have to support."
However, the rivalry will be sharper for the way in which News Corp was surprised by CBS's move. Roger Ailes, chairman of News Corp's Fox Television, told The Wall Street Journal he was only given 20 minutes' notice before the announcement of the CW move.
In addition, the two new networks will be competing for affiliate carriage deals on independent local TV stations.
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