STS Media, the company that owns Freedom Pop has sold the brand and the customers, in order to free up cash for a run at Boost Mobile.
According to an SEC filing Freedom Pop sold it’s 150,000 Sprint network customers to Ting for approximately $3.6 million, however, according to a report on BestMVNO, the brand has been sold to Red Pocket.
Both Unreal Mobile (also owned by STS) and FreedomPop operated on the AT&T and Sprint networks, so it is likely Red Pocket acquired the AT&T customers. Per the SEC filing, Ting also purchased CDMA customers from Unreal Mobile.
Stephen Stokols, the CEO at STS, says that the move will put STS in a better position to partner with other companies or private equity groups to allow it to aggressively pursue the purchase of Boost Mobile.
STS has said that it is speaking with several private equity groups and at least one “facilities-based buyer,” on a partnership to buy Boost. Stokols declined to name potential partners. A “facilities-based buyer” refers to a company that owns an actual wireless network, such as US Cellular, Verizon and AT&T.
**Update 06/08/19 9:15am**
We reached out to Josh Gordon, Red Pocket CEO, who referred us to the Press Release
|NWIDA members, contact us today if you need our assistance and if you’re not yet a member, we invite you to join today.|
|Want news like this delivered to your inbox? Click HERE|
|Want news like this delivered to your Alexa Flash Briefing? Click HERE|
|Want news like this in your RSS feed? Click HERE|