Larry King, Carlos Slim team up for online TV venture
New York - Former CNN talk show host Larry King is teaming up with billionaire Carlos Slim, the world's richest man, for a new internet-only TV channel that will go online later this year, it was announced Monday.
The network, called Ora.TV, joins a growing number of online television ventures such as YouTube.com and Hulu.com that are seen as an ever-stronger challenge to traditional television, which reaches viewers homes over the airwaves or through cable and satellite subscriptions.
Ora.TV will create high-quality video programming that is to be available on phones, laptops, tablets, connected television and other devices," said the announcement on the company’s website. "We are also the new home for Larry King, who will bring his trademark interviews of the world’s leading voices from politics to entertainment."
Slim was named the world’s richest man by Forbes magazine last week in its annual listing of billionaires, thanks to his sprawling telecommunications empire in Latin America. He is also one of the largest shareholders of the New York Times with over 8 per cent of the company’s common stock.
Ora.TV will rely on online advertising rather than subscriptions for revenue and will be targeted at audiences in the US and Latin America.//DPA