It is not immediately clear how much Reynolds will personally see from the deal, though he is said to own between 20-25 percent of Mint Mobile, implying a low nine-figure payday.
“Mint Mobile is the best deal in wireless and today’s news only enhances our ability to deliver for our customers,” Reynolds said in a statement Wednesday. “We are so happy T-Mobile beat out an aggressive last-minute bid from my mom Tammy Reynolds as we believe the excellence of their 5G network will provide a better strategic fit than my mom’s slightly-above-average mahjong skills. I am so proud of the entire Mint team and so excited for what’s to come.”
In addition to Mint, T-Mobile is also acquiring Ultra Mobile, which is geared toward providing international calling options to customers, as well as Plum, a wireless wholesaler. All three companies were owned by Ka’ena Corp, and founders David Glickman and Rizwan Kassim will run the company as its own business unit.
Under the terms of the deal, Reynolds will continue to work in his creative role for Mint. The actor has long appeared in commercials for the wireless brand, featuring his distinctive sense of humor.
In a statement, T-Mobile CEO Mike Sievert said that he hopes to bring that formula to the larger company.
“Over the long-term, we’ll also benefit from applying the marketing formula Mint has become famous for across more parts of T-Mobile,” he said. “We think customers are really going to win with a more competitive and expansive Mint and Ultra.”
Reynolds is no stranger to the business world outside of acting. In 2020 he sold his Aviation Gin brand to Diageo in a deal worth $600 million.