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Carlson and Patel are looking to raise hundreds of millions of dollars to fund the company, the report added, citing people familiar with the matter.
The new company would be anchored by longer versions of the free videos that Carlson has been posting regularly on Twitter since shortly after his departure from Fox News, but would ultimately be driven by subscriptions, according to the report.
Carlson and Fox News had agreed to part ways its after parent company Fox Corp settled for $787.5 million a defamation lawsuit in which Carlson played a starring role.
Carlson did not immediately respond to a Reuters request for comment.
