Social Networking site Bebo sold by AOL

.

Social Networking site Bebo sold by AOL

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.


Latest News

Ford Shares Drop With Profit Concerns
Dominion LNG Export Project Gets Green Signal from FERC
Second Quarter Shows Fastest Growth of U.S Economy
Stronger Safeguarding Rules for Service Members Against Predatory Lenders
Yahoo Urged to Buy Rival AOL Inc.
Slowing Down of Inflation May Make it Difficult for BOJ to Achieve its Target
B.K. Modi’s CIO Plans to Start Pre-IPO Fund
American Soda makers Promise to Trim Twenty Percent Calories by 2025
Federal Reserve Bank of Dallas has Hired a Search Firm to Find Suitable Replacem
Stricter Rules on Tax Inversion Push Down Stocks of Firms Considering Such Moves
Brazilian President Says Growth in the U.S. Could Result in an Improvement of Br
Anonymous Whistleblower to get $30 Million from SEC