Thursday, June 17, 2010

AOL Dumps Bebo

AOL sold the Bebo social networking site to private investment firm, Criterion Capital Partners for an undisclosed sum. CCP called Bebo "an attractive media platform," but AOL did not think so. Bought in 2008 for $850 million, the social network has struggled to perform against stiff competition. AOL announced it planned to close or sell Bebo earlier in the year.

Bebo's offices will remain in San Diego, but there may be some job losses.

© C Harris Lynn, 2010

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