SK Telecom pumps another $270 million into Helio

Internet service provider EarthLink confirmed an announcement that Korean operator SK Telecom will invest an additional $270 million in Helio, the struggling MVNO the two firms jointly launched in mid-2006. In addition, EarthLink and SK Telecom are currently in negotiations to amend their existing agreements to reflect the new investment and how it impacts Helio's future governance--the amendments are not yet completed, and the firms said additional further details will not be released until the terms are finalized. Helio ended August with 130,000 subscribers, with a subscriber base of 200,000 to 250,000 expected by year end--despite revenue forecasts of $140 million to $170 million, the venture anticipates full-year net losses of $340 million to $360 million.

For more on the Helio funding:
- read this release

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