AOL to buy social network Bebo for $850 mil
NEW YORK -- Time Warner's AOL has agreed to acquire global social
network Bebo, which has a total membership of more than 40 million
worldwide, for $850 million in cash.
The company is one of the leading online social networking
providers in the U.K. and is the top-ranked network in Ireland and
New Zealand. It says it is No. 3 in the U.S.
AOL said that Bebo's offers fit in with its existing services, such
as AIM.
"Bebo is the perfect complement to AOL's personal communications
network and puts us in a leading position in social media,"
chairman and CEO Randy Falco said. "This positions us to offer
advertisers even greater reach and marketers significant insights
into the desires and needs of consumers."
Bebo also bolsters AOL's international growth. It has launched 17
international Web sites over the last year and plans to expand to
30 countries outside the U.S. by the end of 2008.
