EXCLUSIVE

Larry King is launching a "huge" online initiative backed by Mexican billionaire Carlos Slim, TheWrap has learned.

Two individuals close to King confirmed that the venture was underway, though details remain sketchy.

Privately, individuals close to King said the venture would be online, which is an interesting departure for the former CNN host, who has spent the entirety of his career in broadcasting.

King has not picked up a new full-time job since December of 2010 when he left the cable news network after 25 years.

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King’s lawyer Bert Fields told TheWrap, “I can confirm that there have been discussions in which I participated.”

None of the individuals would go into more detail about the deal because it is not yet finished and thus they did not want to violate their clients’ confidence. It appears Slim in particular wants to muffle any leaks until he is ready to formally announce the project.

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Forbes ranks Slim, a telecom magnate whose media holdings also include a sizeable stake in the New York Times, as the richest man in the world with a net worth of $74 billion.