But it also might look more like Now This News, a start-up from former HuffPost principals Ken Lerer and Eric Hippeau.

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"There's now venture capitalists, education, workshare facilities - the kind of ecosystem you would expect to see in Silicon Valley, " says Eric Hippeau, a managing director at Lerer Ventures, which invests in the earliest stages of a start-up's life.

BBC: Business

It will be comprised of Jerry Yang, Icahn, Roy Bostock, Ronald Burkle, Eric Hippeau, Vyomesh Joshi, Arthur Kern, Mary Agenes Wilderotter, Gary Wilson, likely Miller and a final member that the board will vote in after the Aug. 1 meeting.

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While Ken Lerer, Huffington's original partner in the launch, was content to sell, Harman and Eric Hippeau, HuffPo's CEO and the fourth member of its small board of directors, held out, believing a billion-dollar public offering was possible given the patience to wait a year or two.

FORBES: Magazine Article