© Rex Features
The new firm, called RIZE, will be headquartered in London with a production office in Los Angeles, making scripted and unscripted TV entertainment shows for broadcasters in the UK and US.
Operating under the DCD umbrella, RIZE will also adapt existing international formats for the North American market.
Lazarus, who has been the creative director for factual at the DCD-owned September Films since 2007, has a strong track record in producing successful non-fiction programmes, such as reality series Billy The exterminator on A&E and Penn & Teller: Fool Us for ITV1.
He also executive produced the BAFTA-winning Children's game show Richard Hammond's Blast Lab for BBC One, Mall Cops: Mall of America for TLC, and The Pregnant Man for Channel 4.
DCD said that the new company already has a slate of TV projects about to go into production, including a major new series for the BBC and a primetime series for a US cable network.
Lazarus will leave his current role at September Films to lead RIZE, and the production company is in the process of putting together an executive team in the UK and the US.
"My objective is to create series concepts and formats that can be sold and distributed around the world and I am thrilled to join forces with DCD Media and have access to the group's extensive domestic and international resources," said Lazarus.
"Our shared vision makes it an ideal partnership, and I am excited by the prospects of this collaboration."
DCD Media chief executive David Green added: "DCD is delighted to have invested in this new venture; it is a natural progression for Sheldon, and a valuable brand addition to the DCD family.
"RIZE fits perfectly with our strategy of taking advantage of current opportunities present on both side of the Atlantic, and furthers the Group's aim to strengthen our position in the non-fiction market.
"Sheldon brings an exceptional track record of innovative concepts and proven successes, and in return, DCD offers him the support of a global infrastructure."
> DCD Media chairman David Elstein steps down from his post
> West Park founder steps down in DCD rejig
