Helio Gets Further Investment; SK Telecom to Gain Controlling Stake
Tweet11/9/07 – According to several sources, South Korea’s SK Telecom has decided to inject $70 million into Westwood-based mobile virtual network operator, or MVNO, Helio. The company was a joint investment by SK Telecom and Internet service provider EarthLink on equal terms, but with EarthLink bowing out of further funding in the venture, this infusion effectively gives SK Telecom management rights.
Helio’s challenges moving forward have been well documented, particularly after the spectacular collapse of fellow Los Angeles-based MVNO Amp’d Mobile, the closure of MVNO Disney Mobile and Helio’s recent layoffs of about 100 employees.
In conjunction with EarthLink’s third quarter finance announcement last month, Helio said that its customer base surpassed 130,000 during the quarter, and reiterated that it expects to have between 200,000 and 250,000 subscribers by the end of the year.
Helio – www.helio.com
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Posted by: Kenny | November 12, 2007 05:39 PM