Chip and Joanna Gaines' New Cable Network Will Replace Discovery's DIY Network in Summer 2020

The home renovation stars' new network will take over Discovery's DIY Network, currently in more than 52 million U.S. homes

Chip and Joanna Gaines are already household names — and their star is only rising.

Since the home renovation stars revealed last fall that they were getting their own TV network, Fixer Upper viewers have been anxiously awaiting more news. On Wednesday, Discovery, Inc. and Magnolia, the home and lifestyle brand led by the couple, announced that in summer 2020, the Gaines’ new network will replace Discovery’s DIY Network, currently in more than 52 million U.S. homes.

The channel will feature long-form programming centering around community, home, garden, food, wellness, entrepreneurialism and design. The network also will be home to the complete library of Fixer Upper, which premiered on HGTV in 2013 and was one of the highest-rated series on the network during its four-year run.

“We’re thrilled to officially announce a media joint venture with Discovery,” Magnolia spokesperson John Marsicano tells PEOPLE in a statement. “Our goal for this multi-platform media company is to deliver a unique, inspiring and family-friendly content experience rooted in honesty and authenticity — the kind of programming that helps bring people together. We believe Discovery is the perfect partner for this joint venture and we are excited for what lies ahead!”

Courtesy Chip and Joanna Gaines

The multi-platform media company, to be named soon, will comprise a linear television network and TV Everywhere app. The venture has plans for a subscription streaming service to debut at a later date. All services will be inspired by Magnolia and driven by the Gaines’ creative vision.

Chip and Joanna will serve as Chief Creative Officers and current HGTV President Allison Page will serve as President of the new joint venture.

“Chip and Joanna Gaines have become trusted, household names since the debut of Fixer Upper and through this joint venture, Discovery is proud to extend our relationship with them,” said David Zaslav, CEO of Discovery. “They’ve got authenticity and relatability, that special something that is so difficult in our business to find. People love them, their taste, their businesses — they’ve built an ecosystem that aligns perfectly with our vision at Discovery for fueling people’s passions.”

“Our intention with this network is to create and curate content that inspires, encourages, and helps to build bridges across our communities. We want honest, authentic programming that brings families together,” said Chip and Joanna in a joint statement. “We believe David Zaslav and the team at Discovery are the perfect partners for this ambitious joint venture, and we know Allison Page is the right person to lead this charge. We’re ready to get started and are expectant for all that’s ahead.”

Speaking to PEOPLE last month, Joanna said fans weren’t the only ones eager for HGTV stars’ next venture. “Even our kids are excited,” she said. “They’ll say to us, ‘You guys should do this or try that.’ They’ve really been helping us with market research.”

The couple walked away from Fixer Upper in Oct. 2017.

“It was such a whirlwind, and while it was amazing, I think at some point along the way, I forgot to have fun,” Joanna said. “It was almost like we were on autopilot. Once we stepped out of it, I realized that whatever we end up tackling in the future, my priority is that I want to enjoy it.”

Moving forward, “If I’m not going to have fun, then I’m not doing it,” she added. “Because it’s not worth the grind.”

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