The regulator OFCOM has awarded a second round of local TV licences - one of which will operate in Cardiff.
Made TV Ltd was chosen over one other bidder to run the service, which the company says will operate from 2013. It has also been awarded the licence to operate in Bristol.
The Cardiff channel will operate under the name 'Made in Cardiff', and will broadcast on digital terrestrial TV.
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The peer will attack Prime Minister Theresa May for failing to represent the 48% who voted in favour of Remain.
Paul Flynn, MP for Newport West, will open the debate in Westminster Hall.
It will represent another boost to the region, after the announcement Deca Sealand was chosen for a repair hub for defence aircraft.