Tucker Carlson and his former college roommate are reportedly looking to raise 'hundreds of millions' to launch a new media company

• Tucker Carlson is teaming up with his Daily Caller cofounder to raise money for a new media venture, WSJ reported.
• The former college roommates want to build the platform off of Carlson's Twitter videos.

Tucker Carlson has moved on from Fox News — and has his sights set on a media empire all his own.

Carlson and Neil Patel, his former college roommate and fellow Daily Caller cofounder, are looking to raise "hundreds of millions of dollars" for a new business venture, The Wall Street Journal reported.

When contacted by Insider, a spokesman for Carlson declined to comment on the story, except to say that Carlson was "in the sauna" and unable to talk.

As it stands, the pair plan to build off of Carlson's current presence on Twitter — where he posts short videos reminiscent of his Fox News show — by creating a company with its own website, mobile app, and subscription service, the Journal reported.

Down the line, the platform would potentially add more hosts, according to the Journal. The pair have financial backers, lawyers, and a strategy team lined up, the report added.

The new venture comes as Carlson attempts to recover after he was ousted from Fox News in April, shortly after the conservative news channel paid $787.5 million to settle a lawsuit with Dominion Voting Systems.

Just weeks after leaving the conservative network, Carlson announced he was taking his show to Twitter, using Elon Musk's platform as a soapbox after losing his primetime audience.

At first, his fervent following seemed to follow: His Twitter debut in June garnered 11.2 million views within eight hours of going live and went on to garner more than 26 million views.

But since his first video, Carlson's viewership on Twitter has dropped, falling 86%.

The former Fox News stalwart would still post condensed forms of his show to Twitter — and potentially to other platforms — for free viewing, according to the Journal. Teams from Twitter and the new venture recently talked about the fledgling media upstart, the report said.

Carlson and Patel have a long history of collaboration. They roomed together at Trinity College and cofounded the conservative news outlet The Daily Caller, of which Patel is still the publisher.

Even though Carlson's days at Fox News are finished, the legal ruckus he caused at his old employer likely isn't.

Ray Epps, a former Trump supporter accused by conspiracy theorists of helping federal officials incite the January 6 riot, sued Fox News for defamation earlier this week. In the lawsuit, Epps alleged that "Fox, and particularly Mr. Carlson, commenced a years-long campaign spreading falsehoods about Epps."

Patel did not immediately respond to a request for comment. Twitter auto replied to Insider's request for comment with a poop emoji.