AOL sells Bebo for undisclosed sum
AOL has sold social network site Bebo to private investment firm Criterion Capital Partners for an undisclosed sum.
[...] In April, AOL said it planned to either sell or close down Bebo, bought more than two years ago for $850 million (€685 million)
The Wall Street Journal previously reported that the Bebo sale would probably be at a “small fraction” of what AOL originally paid. [...] AOL in April described Bebo as a business in decline and requiring significant investment which it was not in a position to provide.
Criterion Capital Partners’ managing partner Adam Levin, who led the acquisition, said today that Bebo was an attractive media site due to its “young, highly active user base, revenue history, presence in countries throughout the world and solid technical infrastructure.”
By Reuters, The Irish Times, Thu. June 17 2010
