According to a report in The Australian Financial Review, Glenn Wheatley’s company TalentWorks has a 12% stake in a new subscription radio venture together with a small band of investors incuding 2GB breakfast host Alan Jones and eBay Australia vice president Simon Smith.

The venture is a network of 31 radio stations, collectively called Stripe, that will be available through the Optus 3G network. The channels will not carry advertising.

The business is based in Ultimo with a small band of experienced music programmers running a range of automated stations. The content side of the business is led by former radio program director and RCS troubleshooter Jarrod Graetz.

Launching on 29 July, each of the 31 stations will focus on a specific format such as classic rock, dance, and country, much like a mini satellite network such as XM or Sirius in the US – meaning that the network will be national, via mobile phones and internet. There are also plans to introduce talk and sports channels.

Optus is already being reported as the best value carrier for those wanting to purchase a new iPhone. A radio network of this type would take full advantage of iPhone’s strongest capabilities.

Stripe’s CEO is Iain Bartram, the former Australian director of British company Virtue Broadcasting and former CFO of listed technology company ConnXion. He told the AFR that Stripe would break even if 1% of Australians, or 210,000 people, subscribed to the service. It expects to gain about one million subscribers within five years.

Wheatley who has only recently been released from prison for tax fraud, still has three months to serve on home detention.

Stripe’s website, which radioinfo tipped off readers to last month, is now live in Beta version at www.stripe.com (click the link below).