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AOL Throws Bebo Out With the Bathwater |
AOL has found a buyer for its social networking site Bebo. Although the sale price is undisclosed, it is rumored that Los Angeles-based private equity fund Criterion Capital Partners snapped up the site for $10 million. If true, that price represents a steep drop from what AOL paid for it two years ago: $850 million. AOL has said it will record a tax benefit of $275 million to $325 million in the second quarter. When AOL acquired the site, its chief executive at the time, Randy Falco, called it a game changer that would turn AOL into "a social media powerhouse."
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E-Commerce