In a statement, Robert A. Sauerberg Jr., President of Condé Nast, announced that Ostroff will be responsible for the development, creation, production and distribution of original television, film and digital initiatives based on Condé Nast brands.
"There is an enormous, untapped opportunity at Condé Nast to develop unique and engaging programming," said Sauerberg.
"Dawn's extensive experience in cable and digital entertainment, coupled with her strategic expertise, makes her the perfect choice to oversee the launch of this new venture."
Ostroff said she's "very excited" about her new role, adding that "The chance to create new consumer experiences for some of the world's most admired brands is a tremendous opportunity."
Until recently Ostroff was President of Entertainment at The CW, where she developed hit series such as 'Gossip Girl,' 'The Vampire Diaries' and 'America's Next Top Model.' Before that she was President of UPN Network and Executive VP at Lifetime.
She's a regular name on Hollywood "Power Lists" compiled by magazines like 'Elle' and 'Entertainment Weekly,' and she's been a fixture on 'The Hollywood Reporter's "100 Most Powerful Women in Entertainment" for the last ten years.
Ostroff announced her intention to step down from The CW at the end of 2010, but continued to take an active role in the acquisition and development of new shows for the Fall 2011 season until she left over the summer.
Conde Nast publishes a diverse array of glossy fashion and lifetstyle titles including 'Vanity Fair,' 'The New Yorker,' 'Vogue,' 'Golf Digest,' 'Brides' and 'House & Garden.' It also owns Fairchild Fashion Media (FFM), which publishes titles such as Style.com and 'WWD.'