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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