Greenwald declined to comment on the precise scale of the new venture or on its budget, but he said it would be “a very well-funded … very substantial new media outlet.” He said the source of funding will be public when the venture is officially announced.

Politico reported later Tuesday that a “philanthropist” would fund the venture. A spokesman for George Soros, perhaps the most famous philanthropist of the American left, ruled Soros out as the backer. “They have had no contact,” Soros spokesman Michael Vachon said of Greenwald.

“My role, aside from reporting and writing for it, is to create the entire journalism unit from the ground up by recruiting the journalists and editors who share the same journalistic ethos and shaping the whole thing — but especially the political journalism part — in the image of the journalism I respect most,” he said.