Viacom Inc’ s Paramount movie studios, Lionsgate and Metro-Goldwyn-Mayer announced in a statement they had formed a joint venture, with the purpose to create a next-generation  premium television channel and video-on-demand service that would combine new and classic films from the studios’ extensive libraries.

The channel, which is supposed to launch in the fall of 2009, will reportedly feature recent movies such as “Iron Man,” “Shutter Island” or “GI Joe,” but will also include film classics like Braveheart, Forrest Gump, the Godfather franchise from Paramount, James Bond, Rocky and Pink Panther franchises from MGM, as well as “Dirty Dancing,” “Reservoir Dogs,” “Crash” and “The Blair Witch Project” from Lionsgate.

The new channel will probably be a big competitor to Time Warner’s cable channel HBO and also to CBS Corp.’s Showtime. Although CBS Inc. Viacom and CBS split a couple of years ago, they are both controlled by their executive chairman Sumner M. Redstone.

Paramount’s contract with Showtime ended in 2007, and the company said it hasn’t renewed it, while Lionsgate and MGM are also expected not to renew their contracts with Showtime, after they expire at the end of this year.

“This venture has the potential to be a game changer for the industry. We are building an innovative service that will use traditional and new digital distribution technologies to bring great film and television entertainment directly to the consumer. By combining the output of Paramount with MGM and Lionsgate, two film and television powerhouses, we are creating a premium film and television programming brand with unique flexibility to bring consumers the very best blockbuster movies and innovative TV series,” Viacom Chief Executive Philippe Dauman said in the released statement.

The venture will have its own management team, headed by a chief executive.

Viacom announced that its MTV Networks division would provide promotional services for the new channel.