Thursday, March 13, 2008

AOL Buys Bebo For $850M

AOL said today that it is in an agreement to acquire Bebo, in a deal worth $850M in cash. Bebo is a social networking web site, with offices in the UK, San Francisco, and Austin, Texas. AOL said that current Bebo President Joanna Shields will continue to run Bebo after the acquisition. Bebo is an online social networking site; according to AOL, the site has more than 40 million users worldwide.