In this paper, we propose a subspace channel estimation technique for DS/CDMA DMB down link system, which can obtain reduction in numerical complexity by using of matched filtering outputs. The complexity reduction is considerable when the channel length is small and the system is moderately loaded. Previously proposed subspace-based blind channel estimation algorithm suffer from high numerical complexity for systems with large spreading gains. Although the proposed algerian suffers a slight performance loss, it becomes negligible for large observation length. Performance is evaluated through simulations and the derivation of the analytical MSE.