Ailing Helio Gets $270 Million–But Not From Earthlink

Earthlink has confirmed that SK Telecom will provide up to $270 million to support their struggling wireless carrier Helio, effectively pulling Earthlink out of committing any further cash, MocoNews is reporting.

Helio’s ownership is split 50/50 between SK Telecom and Atlanta-based Earthlink, but with this additional infusion, that is expected to change, the report said.

Helio, liked the already-failed Amp’d Mobile and Mobile ESPN, was one of the early niche players in mobile media. It’s only two years old, but high prices and a subscriber base of around the 130K mark (as of the end of August) threaten the carrier’s survival. Plus, its early triumph–an exclusive with MySpace–is decreasingly relevant as other carriers and handsets begin to offer access to the popular social networking service.

SKT Provides $270 Million To Prop Up Helio; Also Puts Up $110 Million For Online Venture [MocoNews]