From ISU Communication no. 1671 (dated April 19, 2011):
The ISU Council gave its agreement in principle to create a series of annual Open International Competitions which shall be skated over a period of three separate television competitions, to be held on three separate weeks in three different geographical locations, in principle one in Asia, one in Europe and one in North America. The participants in this series may be among eligible and ineligible skaters and should be a medallist of either a ISU World Championships or Olympic Winter Games in their respective discipline within the previous ten years.

The initiative was presented by a United States based organization called ICE - International Cup of Skating Excellence, LLC (hereafter called "ICE"), who includes as its Chief Creative Officer the 1984 Olympic Figure Skating Champion, Mr. Scott Hamilton.

Subject to receiving a satisfactory detailed proposal of ICE (location, dates, confirmed cooperation/understanding with the concerned ISU host Members, invited skaters, event format and technical package (free skating only), prize money etc), the ISU is available to sanction three competitions during the season 2011/12 that cannot be in conflict with any ISU Event and/or national championships of the concerned host Members.

Further details and the Announcement shall be released as soon as the specific ICE proposal has been received and approved.
I just came across what looks like an official site for this project:
Select group of skaters invited from all four disciplines: Ladies, Men’s Pairs and Ice Dance.
Three-week competition: Two rounds on consecutive weeks, then the finals.
International series: A different country hosting each week of competition.
Nine hours of compelling TV programming: Three, three-hour programming blocks.
Fresh and unpredictable: Skaters perform new routines in first two rounds.
Head-to-head finals: The top two in each discipline qualify for their championship.
Exciting, fan-friendly performances featuring contemporary music.
Innovative and interactive presentation of elements and scores for television and live audience.
Cash bonuses for landing technically difficult jumps.