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AOL finally sells Bebo

on June 18, 2010 | Bebo Business | Comments (0)

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/bQhxPcless than a minute ago via HootSuite

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.


David Cowling : Editor and Founder of SocialMediaNews.com.au. I also run a Social Media Agency where I do consulting work and another blog dedicated to Instagram news. Connect with me: Twitter | LinkedIn | Google + or contact me here. Alternatively, you can send me an email at david@socialmedianews.com.au











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