NEW YORK (CNN/Money) - Disney and Sprint are working together to create Disney's own wireless service that targets families and will offer cell phones to children and their parents, the companies said Wednesday.

The service, called Disney Mobile, will use the Sprint (up $0.08 to $25.19, Research) Nationwide PCS Network and is slated to launch next year. The plan will include mobile service that includes wireless voice service, exclusive cell phone options and a range of entertainment content for the family.

"This enhanced mobile service offering will ensure Disney's place as a leader in the family mobile market, one of the fastest-growing segments of the mobile industry," said Steve Wadsworth, president of the Walt Disney Internet Group.

"We'll be in investment mode for the next several years, but expect that over the long run this initiative will generate solid financial returns for the company," he added.

Disney (down $0.05 to $25.04, Research) will be responsible for all aspects of the service, including product development, distribution, marketing, customer relations, billing and other business operations, the companies said.

In 2004, Disney's ESPN unit announced it would launch the first wireless phone service specifically targeted to sports fans.

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