Carlos Slim & Larry King Partner for New Digital TV Venture

NEW YORK: Mexican communications billionaire Carlos Slim is backing a new digital television venture, Ora.TV, joined by news legend Larry King as co-founder of the network.

Ora.TV is funded by América Móvil, the leading Latin American wireless service provider that is controlled by Slim. The venture will create high-quality video programming for digital distribution across platforms such as phones, laptops, tablets, connected TVs and other devices. Ora, which means "now" in Italian, will be an on-demand network from its inception, producing a wide range of stand-alone content. The company will produce shows similar to traditional TV, in terms of production quality and content, but that will be available in a variety of formats, including short-form segments of around three minutes in length.

The new venture will be led by Jon Housman, who was formerly the president of digital journalism at News Corporation. Ora.TV will be based in New York City and will start launching programming later this year.

“Ora.TV represents a great opportunity,” said Slim. “The business model is sound and the team brings the talent and industry understanding that will help Ora stand out in digital television, a category which is primed for exponential growth.”

“I am thrilled to be working with Carlos and Jon to create Ora.TV, a bold new model for digital television,” King commented. “The backing of Carlos—given his stellar track record in business—combined with Jon’s track record of leadership and innovation, is a recipe for success.”

“With the exponential burst in video consumption via internet-connected devices, this is an incredible moment to be launching a digital network and studio,” said Housman, Ora.TV’s CEO. “Moreover, to create a new network with Carlos Slim and Larry King, arguably two of the most accomplished individuals in the worlds of business and broadcast journalism, is an unprecedented opportunity.”

“In addition to traditionally styled  programs, we will produce shows in alternative formats and varying lengths so that viewers can find and get information and insights they really care about in ways designed to harness these new mobile and interactive platforms,” Housman added. “This approach will allow us to thoughtfully address topics and ideas that might not be as well suited to traditional TV, Additionally, with Ora, we will also be able to incorporate content, social interactions, and technologies in ways that are difficult to pull off with linear platforms.”    

“Larry King’s access to and insight into top newsmakers is simply unparalleled. His experience, his relationships, and his fan base—including millions of Twitter followers—are outstanding assets to help launch a new kind of digital network.”