Leading internet service provider AOL has sold the social networking site Bebo, which it had bought just two years ago for 850 million dollars. A small private investment company named Criterion Capital Partners has bought the site Bebo but the firm has not disclosed the amount paid against the deal.
But the experts expect that the price would be just a fraction of the amount paid in 2008 by AOL to buy that. So it has been apprehended that the purchase of Bebo was not an effective and profit making deal for the company.
Bebo has struggled a lot to compete against its rivals like Facebook and Twitter. AOL had announced that it was planning to sell or close the Bebo earlier in this year as it was not providing the significant business amount needed to its parent company.
The technology experts have said that the decision to buy Bebo from AOL was the worst deal ever signed within the dotcom era. Michael Birch, the founder of the Bebo walked away with 300 million dollars.
The new owner Criterion Capital's future plans are unclear for Bebo but certainly the owners have seen significant potential in that business.