Melvin Benn, the MD of Festival Republic, told Music Week that the event would be on a smaller scale than the events his company is best known for.
As well as Reading and Leeds, Festival Republic also runs Latitude Festival in East Anglia, and was involved in Glastonbury for 11 years before announcing its split from the event earlier this year.
Speaking about his new venture, Benn said: "It's going to be a very small festival, very independent, very tiny," promising more details on the event in September or October.
He added: "I am very positive about it. Festivals is a very busy, probably saturated market but there will be new additions next year and there will be people that stop doing it next year - that's the nature of things. Overall, I feel very confident about it."
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Vince Power's Music Festivals PLC issed a profits warning earlier this week, in which it admitted that its flagship Hop Farm event made a loss in 2012.
Reading and Leeds will take place on August 24 - 26, with shared headliners including The Cure, Kasabian, Foo Fighters and At The Drive-In.