AOL on Thursday announced that it would acquire social media site Bebo for $850 million in cash.
The move is intended to better position AOL in the social media space, the company said. Bebo has approximately 40 million users, with a heavy presence in the UK, Ireland and New Zealand. In August 2007, Bebo ranked third in the United States behind MySpace and Facebook, according to Datamonitor statistics.
AOL TO ACQUIRE GLOBAL SOCIAL MEDIA NETWORK BEBO
"What drew us to Bebo was its substantial and fast-growing worldwide user-base, its vision of a truly social web, and the monetization opportunities that leverage Platform-A across our combined global audience."
Note: we tried to reach a spokesperson for the 436 but they could not be reached for comment. Go figure! ~mm