Carl Icahn is planning to increase his stake in Time Warner Inc through a new fund he is developing, the New York Times reported on Thursday, citing a letter the billionaire sent to investors.

Icahn said in the letter sent on Tuesday that he planned to raise a special purpose vehicle for the sole purpose of investing in Time Warner, according to the article.

It was unclear what size investment in the world's largest media company Icahn planned to raise, the report said.

On Monday, Icahn reported in a regulatory filing that he had boosted his holdings in Time Warner by 8.4 percent to 49.6 million shares from the prior quarter.

Earlier this year, Icahn sought to break up the company to boost shareholder value.

Icahn could not immediately be reached for comment on the report.