Bebo has been overtaken by other social networks including Facebook and Twitter
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The internet giant AOL has sold social networking site, Bebo just two years after paying $850 million
The deal, sought in March 2008, was supposed to mark AOL’s transition from a subscription based service to an ad-supported media business.
Back then Bebo was at its height of popularity and was the only networking site that mattered in the world of online social communicating. However, when Facebook and MySpace came into the game Bebo struggled to compete with user figures.
Criterion Capital Partners, a private investment firm, announced that they bought the business but have refused to release how much they paid.
Business analysts, however, have predicted that it was just a fraction of what AOL had originally paid.
In an age of internet savvy users only the best websites can thrive.
Earlier this year AOL announced their plans to sell or shut down the failing social networking site as they were not in a financial position to support it.
By Lauren King
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