'Tycoon', in a one-hour slot starting at 9pm, was watched by an average audience of 1.9m viewers and a 9% share, according to unofficial overnight figures.
ITV will be disappointed with its first night audience for 'Tycoon', as the series has been promoted with a heavy marketing campaign and features Peter Jones, one of the stars of the BBC's hit business-themed reality series, 'Dragon's Den'.
The commercial broadcaster was hoping the series would emulate the success of 'Dragon's Den' and the BBC's other reality hit 'The Apprentice'.
The format of 'Tycoon' combines elements of both BBC shows: with Peter Jones as a straight talking self-made millionaire in the mould of Sir Alan Sugar from 'The Apprentice', and the show's contestants pitching their business ideas to Jones as they would on 'Dragon's Den'.
The 9pm slot was won by 'Gordon Ramsay's F Word' on Channel 4, which pulled in 4.2m viewers and a 19.3% share.
Channel 4 was given another boost, with the eighth series of 'Big Brother' finally showing signs of a revival after a sluggish start to the series.
Last night's episode featured the housemates nominating their fellow housemates for eviction and the extra spice has generated new interest among viewers.
The 10pm instalment was watched by 3.7m viewers and a 21.4% share, helping the show to win its one hour slot.