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.”

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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.