BritBox will initially target the United States, taking the likes of EastEnders, Cold Feet and Holby City across the pond.
ITV, whose share price jumped by more than three per cent today, and BBC Worldwide, the commercial arm of the corporation, announced that the new venture would launch in the first quarter of next year.
The broadcasters will have an equal share of the venture, while AMC Networks will have a non-voting minority interest in BritBox.
The service will take dramas, soap operas and British classics to America and will be available on a number of platforms.
Ann Sarnoff, president of BBC Worldwide North America, said: “BritBox will offer a streaming experience like no other, with thousands of hours of programs across a wide variety of genres – some of which will be available right after their UK broadcast.
“This will be a must-have service for lovers of British television.”