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Digital
AOL sells Bebo
By CMU Editorial | Published on Friday 18 June 2010
AOL confirmed yesterday that it had sold Bebo to Criterion Capital Partners. The web firm announced earlier this year it would shut down the social network it bought for $850 million in 2008 if it couldn’t find a buyer.
The private equity buyer seems to think there is still some value in the teen-targeting social networking platform. Though given they’ve reportedly paid a lot less than $10 million to buy it, they won’t need the site to generate anywhere near the revenues AOL had to dream of in order to make the venture profitable.
AOL, of course, is just one of various traditional media conglomerates (AOL was part of Time Warner in 2008) to spend millions and millions buying a social-networking style service, despite it still not being clear that there will ever be all that much money to be made from such sites.
