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From the News Desk
Thursday, 13. March 2008
AOL Acquires Bebo for USD 850 Million
AOL, the Internet division of Time Warner, has announced a deal to buy Bebo, the popular social networking site for UDS 850 million in cash. Bebo, which is one of the largest social networks in both U.S.A and U.K, boasts of a global membership of more than 40 million.
Social networks have undergrown tremendous growth in popularity in the recent years, turning them into a virtual bounty of online advertising dollars for media companies worldwide. The Bebo acquisition os seen as a part of AOl's shift from being subscription driven to becoming a public website with similar revenue generating methods as Yahoo or MSN.
"Bebo is the perfect complement to AOL's personal communications network and puts us in a leading position in social media," said Randy Falco, chairman and chief executive of AOL. "Bebo's dynamic management team recognises that the Internet is less about destination and more about connecting people, culture and lifestyles," added AOL President Ron Grant. Bebo President Joanna Shields will continue to run Bebo and will report to Grant after the transaction closes.
Social networks have undergrown tremendous growth in popularity in the recent years, turning them into a virtual bounty of online advertising dollars for media companies worldwide. The Bebo acquisition os seen as a part of AOl's shift from being subscription driven to becoming a public website with similar revenue generating methods as Yahoo or MSN.
"Bebo is the perfect complement to AOL's personal communications network and puts us in a leading position in social media," said Randy Falco, chairman and chief executive of AOL. "Bebo's dynamic management team recognises that the Internet is less about destination and more about connecting people, culture and lifestyles," added AOL President Ron Grant. Bebo President Joanna Shields will continue to run Bebo and will report to Grant after the transaction closes.
