As it acquired an 80 percent interest in PeoplesChampion.com, the U.K. media group SMG on Monday announced plans for a web site to shop for financial services.

SMG acquired control of the startup for £250,000 ($476,402) in loan notes to PeoplesChampion’s four founders. The new site will be headed by one of the founders, Jim Spowart.

SMG already operates MoneySupermarket.com, which allows visitors to compare such financial products as mortgates, car loans, and insurance. The PeoplesChampion site will do the same, using the MoneySupermarket search engine, but also feature editorial content.

The two sites will split revenue for undisclosed percentages.

SMG spokesperson Callum Spreng told RedHerring.com the new company expects profitability within the first year “with even more profitability thereafter.”

The new site is an attempt for SMG, which also operates Virgin Radio, to increase its online presence with the help of a large media network that includes television, cinema, and outdoor advertising.

Analysts, however, wondered if the new site will be much more than a rebranded search engine.

“The market is mostly covered by MoneySupermarket.com,” said Heather Hopkins, vice president of research at Hitwise.

“The site [PeoplesChampion.com] might develop more online presence for SMG, but whether there is a real need for another site like this? It sounds like it may be the same site, just marketed differently,” she said.

Contact the writer:Editorial@RedHerring.com