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10

AOL says to sell or shut down Bebo in 2010

NEWS
AOL says to sell or shut down Bebo in 2010

Tuesday, April 6, 2010

Internet company AOL has announced plans to sell Bebo just two years after buying the social networking site for $850 million.

Bebo has been struggling against more popular rivals such as Facebook and AOL said it needed “significant investment” to become competitive.

AOL was not in a position to provide such funding, the company said.

AOL split with Time Warner last year and is itself struggling against rival internet providers.

“Bebo, unfortunately, is a business that been declining and, as a result, would require significant investment in order to compete in the competitive social networking space,” Jon Brod of AOL Ventures told employees in an email.

“AOL is committed to working quickly to determine if there are any interested parties for Bebo and the company’s current expectation is to complete our strategic evaluation by the end of May 2010.”

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