Friday, March 14, 2008

AOL Acquires Bebo for $850 Million in Cash

AOL announced today that it has entered into an agreement to acquire Bebo, a leading global social media network

With a total membership of more than 40 million worldwide, Bebo is one of the major social media network, having a huge presence in UK. It is ranked number one in Ireland an d New Zealand, and number three in the Australia and U.S.

The deal is valued at $850 million.

Bebo global users have high engagement levels spending an average of 33 minutes a day on the site, says AOL press release.

Bebo fits perfectly with AOL's international growth plans, which is to expand to 30 countries outside the U.S. by the end of 2008.

AOL has launched 17 international web sites over the last one year.

Bebo was originally launched in January 2005 by English couples Michael Birch and Xochi Birch.

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