The website is to offer price comparisons for finance, utility and travel products. SMG will back the new site through its ITV franchises Scottish Television and Grampain, and via Virgin Radio and Pearl & Dean.
Venture partner Money Supermarket, the financial price comparison website, will continue to operate as an independent site.
PeoplesChampion, which was devised by the founder of Standard Life Bank and Intelligent Finance founder, Jim Spowart, said it expected to generate profits within its first year.
Spowart said: "Put simply, we will be bringing consumers the best deals. This will save them significant amounts of money.
"We will be offering huge choice and showing people how they can move to a better deal in a wide range of products from credit cards to insurance, mortgages, through to travel and energy supply."
SMG said it hoped PeoplesChampion would allow it to achieve its aim of generating more than 25% of the group's broadcasting revenues from non-spot ads by 2010.
Donald Emslie, acting chief executive of SMG, added: "PeoplesChampion is a fantastic business opportunity and provides a great opportunity to build on our very strong relationship with our viewers and help them save money."
Last month Ulster Television was reportedly considering a £300m bid for SMG, but bid talk has since gone quiet.
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