The service, called CBSN, incorporates some of the features of cable news channels like CNN, along with a Netflix-style menu that enables viewers to choose the segments they want to see and to pause or watch the reports again.
"There's a tremendous opportunity on these platforms for a true round-the-clock newscast," said CBS Corp. President and chief executive Leslie Moonves.
"We're confident this service will appeal to both traditional news consumers and a whole new set of viewers."
CBSN will be available 24 hours a day with all of the resources of CBS News.
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Viewers can access the service on CBSNews.Com and its mobile website, as well as on devices including Amazon Fire TV and Roku players, and from apps on some mobile platforms.
"It gives viewers the full flexibility within each hour to control what they watch and when they watch it via DVR-like functionality that allows them to watch previous segments and jump back into live programming seamlessly and across devices," a CBS statement said.
The move comes with the traditional television landscape being shaken by streaming video offerings from groups like Netflix and Amazon.