The 61-year-old actor-director made the announcement Sunday at the Full Frame Documentary Film Festival.
ClickStar, founded in part by Morgan Freeman, plans to start offering movies this fall to help combat movie piracy, DeVito said.
He also announced the launch of Jersey Docs, a channel on the ClickStar network dedicated exclusively to documentaries.
It's something "for many, many years I've been really dying to do," said DeVito, who called the channel "a space people will be able to go to to find things they really enjoy."
DeVito played Louie De Palma, the grumpy boss on the TV comedy "Taxi," which aired from 1978 to 1983. His screen credits include roles in "Romancing the Stone," "Twins" and "Batman Returns."