AOL finally sells Bebo
There have been reports that AOL have finally sold the social network – Bebo.
AOL originally purchased Bebo in 2008 for US$850 million.
Unfortunately AOL has been unable to make anything out of Bebo and the purchase has been considered a major business flop.
Criterion Capital Partners seem to have now purchased Bebo for around US$10 Million – a huge loss for AOL here.
Steve Case the Co-Found of AOL has posted the following comment on his Twitter account
AOL buying Bebo for $850 million and then selling 2 years later for $10 million doesn’t seem like a winning strategy http://tcrn.ch/bQhxPc
Steve Case
SteveCase
As a result of the huge loss AOL is expected to get a tax write-off for Q2 in the range of $275 million to $325 million.
