The publisher of the Monthly is launching a new weekly “luxury” newspaper in an attempt to “remake print journalism for a new generation”.

The Saturday Paper will publish long-form journalism and will edited by former Sydney Morning Herald journalist Erik Jensen, the recipient of a Walkley Award for Young Print Journalist of the year and a Media Peace Award from the United Nations Association of Australia.

A release announcing the new title said: “It will be fiercely independent and offer the definitive news source for readers who want depth at the end of a cluttered weekly news cycle.”

The Saturday Paper is designed to be a “luxury product” with heavy stock and “crisp designs” courtesy of Studio Round.

It will also feature lifestyle content and delve deep into the arts.

Morry Schwartz, publisher of the Monthly and Quarterly Essay, said: “I believe in quality in journalism. I believe in print. While some in the industry have convinced themselves of terminal decline, I believe an audience exists for a new player to come in and do journalism better than anyone else. I am launching this newspaper because I know it will work.”

The launch comes amid a significant growth in revenue for the Monthly and themonthly.com.au.

The first issue of The Saturday Paper will be published in the first quarter of 2014.

Jensen added: “The Saturday Paper is a chance to remake print journalism for a new generation.”

“Morry and I have spent 18 months breaking apart newspapers and putting together a new kind of title that reconsiders how newspapers should do news.