AOL has found a buyer for struggling social network Bebo, we are hearing from sources close to the deal. The Internet company has been publicly looking for an acquirer for some time, and in April, news leaked that AOL would likely shut down the site if a buyer was not found.
We’re not yet sure who the buyer is, though the timing makes sense. In a memo to employees earlier this year, AOL said that it would “complete [its] strategic evaluation [of Bebo] by the end of May 2010.”
Originally acquired by AOL for $850 million back in 2008, Bebo has clearly been a colossal flop for AOL, and as the company refocuses on content, makes little sense strategically. Along those same lines, AOL unloaded ICQ to DST a little over a month ago.
More to come …
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