Aol, Inc. (AOL) Seeks to Sell Social Networking Site Bebo
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According to a memo circulated to employees today, AOL, Inc. (NYSE: AOL) said that it would be shutting down operations of their social networking site, Bebo.
The company originally bought the company two years ago for a substantial $850 million sum. The company bought Bebo in March 2008 in hopes of attracting new users to generate more ad revenue, rather than focusing on Internet subscriptions.
However, today's memo states that the company would not be putting any more money into the company, and they are currently looking for a buyer. The company stated that they are not in a position to "further fund and support Bebo in pursuing a turnaround in social networking."
The site is one of the more popular social networking sites in the U.K.
Shares of Aol aren't reacting too drastically today, up about 0.23% to $26.20.
The company originally bought the company two years ago for a substantial $850 million sum. The company bought Bebo in March 2008 in hopes of attracting new users to generate more ad revenue, rather than focusing on Internet subscriptions.
However, today's memo states that the company would not be putting any more money into the company, and they are currently looking for a buyer. The company stated that they are not in a position to "further fund and support Bebo in pursuing a turnaround in social networking."
The site is one of the more popular social networking sites in the U.K.
Shares of Aol aren't reacting too drastically today, up about 0.23% to $26.20.
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