Lovejoy will be the anchor on Channel Bee, which will feature a daily programme of comedy sketches, celebrity interviews, interactive quizzes, music performance and news when it launches on 23 June.
The free-to-view channel will reunite Lovejoy with his Soccer AM foils Sheephead, Robbie and Fenners and five of the TV show's producers.
The team is based at 19 Entertainment's offices and has its own studio. It is also filming gigs by artists such as Kate Nash and the Pigeon Detectives for live streaming, which it will then offer as individual
songs the following day.
Producer Neil Smythe said the project was inspired by the success of Lovejoy's MySpace page, which has attracted more than 86,000 "friends".
"It's such an efficient way of communicating with viewers and we've loved having instant reactions," he said.
"Now we can have an idea and write, film and edit it online in a day, whether it's a one-off sketch or the seeds of a new strand."
The team is inviting wannabe film-makers to send a three-minute video in to video-sharing site dailymotion.com, with a six-week placement up for grabs for the best one.
The winner will then produce a behind-the-scenes show about the channel's early days, to be uploaded to the site each week.
The competition is backed by HP, which will provide kit for the documentary and for all other content on the channel. The winner will also receive an HP Pavilion Elite m9255.uk PC.
Other shows on Channel Bee, to be produced by 19 Entertainment, will include U R A&R, which will promote new bands, I Am Pundit, a cash-prize football quiz, reality format Double Date, and We Want Answers, which puts tongue-in-cheek questions to celebrities.
Stories will feature celebrities telling anecdotes, starting with Ray Winstone's recollections of meeting Ben Kingsley.
In One Per Cent, celebrities offer useful information, while Humans is a quiz in which viewers will be asked to guess a person's job.
Channel Bee will be available in HD at channelbee.com and will be viewed on the Move Media Player, a downloadable platform used by Fox, ESPN and Discovery in the US that has not previously been used in the UK.