Larry King Debate; Third Party Presidential Debate To be Moderated by King on Oct. 23

Legendary television host Larry King will moderate the third-party presidential debate.

The announcement was made Tuesday by the Free and Equal Elections Foundation. The debate is scheduled to be held in Chicago on Oct. 23.

Christina Tobin, founder and chair of the foundation, released a statement saying, "We are honored to have Larry King moderate this historic debate."

The third-party participants will include Libertarian candidate Gary Johnson, Green Party candidate Jill Stein, Constitution Party candidate Virgil Goode and Justice Party candidate Rocky Johnson.

The release continued: "The previous debates between President Obama and Gov. Romney have failed to address the issues that really concern everyday Americans. From foreign policy, to the economy, to taboo subjects like our diminishing civil liberties and the drug war, Americans deserve a real debate, real solutions, and real electoral options."

The live broadcast will be on Ora TV, a digital programming service, as well as the Free and Equal Elections Foundation.

King commented about the debate to The Associated Press: "They have a story to tell. It's a valid story. It's a two-party system, but not a two-party system by law." 

King is famous for being the host of CNN's "Larry King Live," which ran for 25 years. The show had its last episode in December 2010 and King has since started his own online talk show "Larry King Now" which debuted earlier this year on Ora TV.

With much of the nation's attention focused on the Republican and Democrat nominees, the star power of King is likely to bring more viewers to the third-party debate.

Third-party candidates have had a hard time voicing their opinions in televised public debates since 1987 when the Commission on Presidential Debates was created by the Republican and Democratic parties.

In 1992, independent candidate Ross Perot was the last third-party participant to get the chance to debate with the top two parties when he faced off against George Bush and Bill Clinton.