ITVBe will be the UK broadcaster's fifth major channel and will feature lifestyle and reality programming from the UK and the US.
It will become the exclusive home of award-winning reality show The Only Way Is Essex, which up until now has aired on ITV2.
Adam Crozier, Chief Executive of ITV, said: "ITVBe will be a terrific new addition to our family of channels. It reinforces our plan to maximise audiences and revenues from our broadcasting business."
Aimed at a younger female audience, the channel is intended to "complement ITV2, which will continue to strengthen its position as the home of entertainment for 16-34 year olds".
ITV is also introducing a new pay channel on Sky called ITV Encore. It will be dedicated to the broadcaster's best drama output when it is launched in 2015.