03/12/2012 10:43 EDT | Updated 05/12/2012 05:12 EDT

Larry King to be featured in new internet TV network

A new streaming-video online network for phones, tablets and web-connected TVs that will feature former CNN talk-show host Larry King has been announced in New York. — "ora" means now in Italian — is financed by Mexican billionaire Carlos Slim and will offer video on demand, producing "a wide range of stand-alone content that transcends traditional format distinctions." It's expected to be in operation later this year. will be moving into a crowded video field in the U.S., where YouTube, Hulu, Netflix and the mainstream TV networks are all staking out territory in hopes of delivering viewers to advertisers.

"Our programs will resemble broadcast TV in terms of quality, but viewers will watch shows when and where they like with interactive capability," said in a statement on his website.

It's expected that King's program will be similar in format to the one he used at CNN with Larry King Live, the celebrity-interview show that ran from 1985 to 2010.

The company said it is in discussions with other on-air personalities who may join King.

Slim's primary holding is América Móvil, Latin America's top wireless provider. He also holds stakes the New York Times, clothing retailer Saks and Telefonos de Mexico.

The new company will be managed by chief executive Jon Housman, formerly of Rupert Murdoch's News Corp.

"There's an opportunity to build a great brand here over the next few years," the Times quoted Housman as saying.