The new station, based in Tel Aviv's seafront Jaffa district, is named i24 news.
"The channel will be launched on July 1, in three languages, including the website," Frank Melloul told AFP.
Looking at global broadcasters Al-Jazeera and France 24 it will broadcast around the clock in English and French and five hours each day in Arabic, executives say.
Melloul said the three language services would share editorial facilities in Jaffa's ancient port.
With 150 journalists on its staff, i24 news aims "to decode the world news from the heart of the Middle East," he said.
Content will be co-produced in an agreement with the local commercial Channel 2 station.
Finance will come mainly from Franco-Israeli businessman and telecoms tycoon Patrick Drahi.
Melloul is a former French government media advisor.