NEW YORK (CNN/Money) - Former U.S. vice president Al Gore announced Tuesday that he and entrepreneur Joel Hyatt plan to launch their own cable television network by buying cable television channel NewsWorld International from Vivendi Universal for an undisclosed sum.

Gore is expected to be the chairman of the NWI board, while Hyatt will be running the company as the new cable network's chief executive officer, the company said.

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"This will not be a political network," the former U.S. vice president said in a statement. But NWI will be developed into a network offering programming for a target audience of 18-34 year-olds, said the company.

Newsworld International is a 24-hour channel broadcasting international news produced by the Canadian Broadcasting Corp. (CBC). It is distributed to about 17 million subscriber homes.

The programming on NWI will continue to be provided by CBC. The acquisition was announced during Tuesday's National Cable and Television Association convention in New Orleans.