Monday, March 20, 2006

Earthlink's Helio Funding

MocoNews reads 10ks so you don't have to!

From the post:

"The Earthlink and SK Telecom joint venture MVNO, Helio, has about $121.5 million pumped into it from Earthlink side by now, according to the Earthlink annual report (10-K) filed with SEC this week.

“We invested $43.0 million of cash and contributed non-cash assets valued at $40.0 million upon completing the formation of HELIO in March 2005, invested $39.0 million of cash in August 2005, invested $39.5 million of cash in February 2006 and have committed to invest additional cash of $58.5 million in HELIO at various dates through August 2007.”

And this you may not know: Helio already has subscribers, even though the service hassn’t yet launched: “Effective March 24, 2005, we transferred approximately 27,000 wireless subscribers to HELIO in connection with completing the formation of HELIO.” This, I assume, is from Earthlink Wireless…"

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