Rob Lowe - Lowe's Multi-Million Dollar Multimedia Deal

ROB LOWE is on the fast track to becoming a media mogul - the actor is reportedly creating a company to invest in sports teams, distribution firms and multimedia.

The former West Wing star and Colony Capital chief executive Tom Barrack have teamed for a multimedia venture backed with $500 million (GBP333 million), according to the New York Post.

The new company will reportedly have a portfolio within California-based Colony Capital to invest in sports teams, distribution firms, television networks or online properties.

A source tells the newspaper the deal is "pretty far along".

Representatives for Lowe and Barrack had no comment as WENN went to press.