ROK (LSE: ROK) Entertainment Group said it will not buy Xero Mobile, the MVNO that promised an ad-supported mobile phone service for college students. Rok, which provides streaming TV to mobile phones, said it entered into buy-out talks with Xero in October, but today provided an update, saying: “ROK confirms that it has ended any dialogue with Xero and is no longer in talks to purchase the issued and to be issued entire share capital of the Company.”

In 2006, GigaOM reported that Beverly Hills, Calif-based Xero had lots of ties to Gizmondo, a company developing a gaming device and infamous for its CEO crashing a million-dollar Ferrari. With the help of Gizmondo, it was rumored that Xero may have raised nearly $300 million. There’s no signs of that kind of money now—Xero Mobile, which is listed on the over-the-counter bulletin board under the symbol “XRMB,” registered its last trade yesterday at 0.025 cents a share.

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