Mulligan cut his teeth as a head writer on 7 Days and has previous Project experience, having spent time as the New Zealand correspondent for the Australian version of the show.
He calls his co-hosts a "dream team".
"Kanoa brings brilliant and diverse broadcast experience, with an undeniable star quality. Josh might be the funniest person in New Zealand, but he's also pure chaos. I think 7pm could use some chaos," he says.
Lloyd will leave Newshub Weather to join the panel, saying, "how lucky am I to get to spend my evenings telling stories with these two? Jesse is one of those people who's bloody good at everything. He's funny, smart and incredibly kind - and it's embarrassing how much of a fan I am of Josh".
Meanwhile Thomson is just happy to be on a show where, "I can say stupid things to the nation and it'll be too late for the editors to cut it out".
"I love dissecting the news, and now I can do it without Dad telling me off for talking over the news," he says.
Lloyd, Thomson and Mulligan will be joined each night by a panel of guests which will include media commentators and comedians, and sport, political and other personalities.
The Project is due to begin airing next month on TV3.