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April 7, 2010

AOL To Sell Bebo

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by Rapid TV News

Website: Rapid TV News

Owner AOL is looking to sell – or else close down – UK-based social networking site Bebo.

Bebo was once a very hot property.

After all, AOL paid almost $1bn for the asset back in 2008, and the purchase is now considered one of its worst-ever acquisitions.

Bebo is considered to have lost out to the Facebook, Microsoft and Google options.

Bebo employees received this note from the company on April 6. “Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space.”

AOL itself was spun-off by Time Warner last December, and has since been looking to dispose of loss-making or profit-light segments.

AOL is also selling off its ICQ messaging system, for example.

Story link: AOL To Sell Bebo

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