The Emmy- and Peabody Award-winning TV and digital media company was founded in 2005 by Al Gore and Joel Hyatt, and is now distributed to more than 75 million households around the world.
In addition to executive producing and starring in the new show, Olbermann will also serve as the company's chief news officer and will have an equity stake in Current Media, the company announced Tuesday.
The show will air live weeknights beginning later in 2011.
"Nothing is more vital to a free America than a free media, and nothing is more vital to my concept of a free media than news produced independently of corporate interference," Olbermann, who started his career at United Press International, said in a statement. "In Current Media, Al Gore and Joel Hyatt have created the model truth-seeking entity. The opportunity to partner with Al, Joel and Mark Rosenthal makes this the most exciting venture in my career."
"Keith Olbermann is a gifted thinker, an amazing talent and a powerful communicator, and having him tap Current as his new home is exciting and very much in line with the core vision we founded this network on: To engage viewers with smart, provocative and timely programming," added Gore, chairman and co-founder of Current.
"Keith Olbermann is one of our society's most courageous talents. He speaks truth to power. He calls them as he sees them. He speaks his mind. Our society needs his kind of thoughtful analysis and commentary," said Hyatt, executive vice chairman and co-founder of Current.
Olbermann left MSNBC recently after eight years following stormy interactions with management, including a suspension for contributing to political candidates.
Benedict Cumberbatch's dramatic reading of R. Kelly lyrics is just what you need
Beyonce flaunts bikini body, Blue Ivy in vacation pics