The new programme, called 'The Media Show', will be broadcast live all year round from October 1 2008 every Wednesday at 1.30pm.
The BBC said the show will focus on the "fast-changing world of media in all its forms -- print, television, radio, online and telecommunications".
It will feature key players from within the industry, including those making the decisions, driving the changes and developing the latest technology.
The show will straddle both the commercial and creative sides of the industry and subjects such as culture, censorship and ethics.
Hewlett said: "I hope the programme will be able to lift the lid on many of the current stories within the media, offering genuine insight and intelligence, making this show a must-listen for both those within the industry -- but always accessible to a wider audience of those interested in a subject that affects all our lives."
The BBC is to make 'The Media Show' available via podcast.
Mark Damazer, the Radio 4 controller, said: "Steve has been a terrific addition to Radio 4's presenting talent in the last year and I am delighted that he now has a regular slot -- all the year round -- where his wide-ranging experience and knowledge can be used to illuminate a big range of media issues."
'The Media Show' fills a gap in Radio 4's media coverage, previously filled by 'The Message', which ran from 1998 until May 2008.
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