The new channel, to be available worldwide but not in Britain, will broadcast seven days a week, 24 hours a day from the start of the 2010/11 season.
The channel will be produced by the Premier League's own production company and will feature news, studio discussions, individual programmes and classic matches.
The Premier League also plans to implement new rules from next season to prevent managers shunning media rights holders and to force them to attend post-match news conferences.
The new rule Q17 says: "With effect from season 2010/11, all managers are required to attend in person and participate in post-match interviews held by or for the benefit of a UK broadcaster or radio broadcaster and failure to do so without just cause shall be a breach of these rules."
Manchester United manager Alex Ferguson has refused to speak to the BBC, a Premier League rights holder, since 2004 and the Premier League champions do not send a representative to news conferences after league games.
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