LONDON -- Fox Reality channel is wooing U.K. and international producers with a new co-production funding model to finance reality shows, CEO David Lyle said Wednesday.

Announcing "My Bare Lady," Fox Reality's new co-production deal with British indie Zig Zag Prods., Lyle said the new model will give both companies a chance to air an ambitious, high-production-value show for less than it would cost to make in the U.S.

"It is a great opportunity for a small channel like ours to look at a different financial model. We get to work with a great production company and do an ambitious, original docusoap, but for a budget that makes sense for us," he said, pointing out that the channel was keen to explore new funding mechanisms.

"We've seen this model with scripted entertainment, (but) it has never happened with reality programming," he added.

Under the terms of the deal, Zig Zag will produce "Lady" and retain international distribution rights, while Fox will control the U.S. window. Zig Zag, which is represented by the William Morris Agency, will raise the deficit financing by preselling the show.

"Lady" will follow a group of U.S. porn stars as they travel to London and attempt to carve out acting careers on the West End stage. After a casting call in Los Angeles, the show will see the girls attend a London drama school and work with a high-profile theater director in a bid to win a chance to tread the historic boards of London's theater district. It is due to begin airing this fall.

"Zig Zag is very excited about this new and irreverent series for Fox Reality," Zig Zag managing director Danny Fenton said. "We are really pleased to be making one of the first original commissions for the channel and appreciate their boldness and distinct new flavor."