Billionaire venture capitalist Peter Theil is considering launching a conservative cable news network to compete with Fox News, BuzzFeed News reported Wednesday.
Thiel, a Facebook board member and co-founder of PayPal, is reportedly in talks with the GOP mega-donor Mercer family to help fund the concept.
Thiel first sought to create the network along with Fox News founder Roger Ailes, who died last year, according to an excerpt from an upcoming book by Michael Wolff about the early days of the Trump presidency. Thiel would reportedly fund the network, while Ailes would provide talent.
When Ailes died, Thiel carried on with the idea and connected with the Mercers, BuzzFeed reported.
Mercer recently stepped down as co-CEO of Renaissance Technologies hedge fund.
A spokesperson for Thiel declined to comment to BuzzFeed, and a spokesperson for the Mercer family did not respond to requests for comment from the news outlet.
Thiel secretly helped fund a 2015 lawsuit against Gawker Media that eventually led to the website’s bankruptcy.
Thiel was one of President Trump’s few supporters in Silicon Valley during the 2016 presidential campaign, and spoke at the 2016 Republican National Convention.