America Movil to fund new Internet-based video venture

America Movil (NYSE: AMX), the telecom conglomerate owned by Carlos Slim, is providing funding for a new Internet-based TV network.

The new network will offer users a suite of on-demand content and create a what it says will be a "a wide range of programs that transcend traditional formats," including a new show with former TV talk show host Larry King.

Jon Housman, the former president of Rupert Murdoch's News Corp., will oversee the network when it is launched sometime later this year.

Although America Movil's Telmex is banned from operating its own video network in Mexico, Slim is one of Latin America's largest providers of cable and satellite services with over 13 million customers.

For more:
- Reuters has this article

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