AOL Buys Bebo for $850 Million |
| Wall Street Journal - Mar 13, 2008 |
AOL plans to acquire the Bebo social network for $850 million in cash, as the troubled Time Warner Inc. unit tries to find its way in an increasingly competitive Internet landscape.
It's unclear what the deal signals about the future direction of AOL, which many investors believe Time Warner may sell or spin off. The transaction may put to rest rumors that AOL is pursuing a deal with Yahoo Inc., which is looking for an alternative to a takeover by Microsoft Corp.
An acquisition of Bebo puts AOL into the hot business of social networking. But while Bebo is very popular in the U.K. and other markets, it remains far behind MySpace and Facebook in both buzz and size of its user base in most of the world. MySpace is owned by News Corp., which also owns Wall Street Journal publisher Dow Jones & Co.
Read Full Article from Wall Street Journal
- Posted: 2008-03-13 10:00:57
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