Bowley is returning to the UK following a three-month stint in the US spearheading the N&S launch of OK!. Melanie Danks, the group ad controller at Express Newspapers, is taking over from him and will work as the publisher of OK! on a year's secondment.
Details of the new TV channel are under wraps.
Stan Myerson, the Express Newspapers joint managing director, said: "The future of television will depend not only on the ad revenue model. We have the bandwidth and we are working with Bowley to exploit this opportunity."
The TV project will be the second Bowley has worked on with Richard Desmond's N&S. In May this year, he launched Jackpot TV, a gaming channel on the Sky and ntl platforms.
Bowley will also continue to work with Amplified, the communications agency he set up as a joint venture with Miles Calcraft Briginshaw Duffy last September.
Danks' move to the US has precipitated a major management restructure at Express Group. Her role will not be filled directly: four senior staff are being promoted to caretake the main Express titles.
From the start of September, Justin Purkiss will take charge of the Daily Star and the Daily Star Sunday. Tom Hoskins and Robert Gray will head the Daily Express and Sunday Express respectively, and Steve Malloy will become the group magazine advertising manager, with a brief to create an overall N&S magazine brand and to promote its stable of titles.
Myerson said: "We have a very strong management line-up. Melanie's move will allow the talent to surface and to demonstrate its superiority to the industry."