AOL Buying Social Networking Site
Posted on March 13th, 2008 at 1:48 pmUPDATED: AOL has announced that it is purchasing Bebo, the British social network, for $850 million in cash.
“Bebo is the perfect complement to AOL’s personal communications network and puts us in a leading position in social media,” AOL Chairman and CEO Randy Falco said in announcing the acquisition.
“My vision for AOL is to create a global, market-leading, ad-supported digital media company,” Falco said. “From our perspective, Bebo is the best social media asset out there.”
As it prepares to strip away its waning dial-up business, AOL is looking to accelerate its transformation. With the acquisition of Bebo, AOL will have a global social media network of about 80 million unique users, the company said.
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