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Bebo sold by AOL after just two years

Bebo sold by AOL after just two years

Internet company AOL has sold Bebo, the social networking site it bought two years ago for $850m (then £417m).

Criterion Capital Partners, a small private investment firm, announced that it had bought the business, but did not disclose the amount paid.

However, analysts suspect it to be just a fraction of the price paid by AOL in 2008.

Since then, Bebo has struggled to compete effectively against social networking rivals such as Facebook.

Earlier this year, AOL announced plans to sell or shut down Bebo because it was unable to provide the “significant investment” needed to prevent its decline as a business.

Read More/Source: BBC News

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Stuart Davidson

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