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, 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.

See more photos of Rob here!