Reuters is reporting that SK Telecom and EarthLink are planning to put up to $100M each in Helio, the Los Angeles MVNO headed by Sky Dayton. According to the report, which quotes a SK Telecom spokeswoman, the initial investment in Helio has been spent, and the firms will need to inject more money during the second half of the firm. Helio is developing a youth oriented, wireless service geared tied into providing instant messaging, MySpace, and other 3G services to the US market. SK Telecom and Earthlink created Helio as a joint venture in March of 2005, saying initially that the partners would invest up to $440M in investments to get the venture off the ground.