AOL to scrap Bebo?

  •   
  •   
  •   
  •   

AOL is set to cut its losses on Bebo, admitting it will sell or, more likey, shut the failing the internet social network it purchased for close to $850 million in 2008.

AOL – whose merger with Time Warner is regarded as the worst media deal in history – bought bebo hoping to redefine its future as its business cratered as users deserted to free ISPs. AOL has now been spun-off from TW and is shedding loss makers.

“Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space,” AOL said in a statement.

Joanna Shields, the former Google exec who as bebo chief did a stellar job of selling it to AOL, has just joined facebook as VP EMEA.


  •   
  •   
  •   
  •   

You must be logged in to post a comment Login