The rebranding, unveiled at last week's Edinburgh Television Festival, will aim to refresh the channel's on-screen identity and change audience views by addressing the gap between the perceptions of the channel and the reality of its programming.
TBWA's campaign introduces a palette of colours to form the template of its advertising alongside the "see five logo, with one distinct colour running through the media for each programme advertised.
The campaign focuses on programmes seen to be emblematic of the channel's new positioning. The first work to break will be for the documentary Michael Jackson's Face.
TBWA's television work features images of Jackson from his youth morphing into present day images, with a voiceover from his angry father shouting abuse at him.
The print work features the same images systematically morphing into each other, and the copy for one spot asks: "If this is what it looks like on the outside, imagine what's going on inside?"
The rebranding comes on the back of a good year for Channel 5. While total TV revenue has been up 3 per cent from January to October this year, Channel 5's has risen by 23 per cent.
Its net advertising revenue share for 2001 was 6.3 per cent in January to October, and in 2002 is 7.6 per cent. 2003 figures are also likely to increase owing to the planning lag.
Trevor Beattie, the chairman and creative director of TBWA, said: "Channel 5 is the future of terrestrial TV and rivals and advertisers should ignore it at their peril."