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AOL set to cut Bebo loose.
Just two years after AOL acquired teen-centric social networking site Bebo for a paltry $850 million, it is now set to close it forever.
AOL had hoped to boost it’s profile and membership to enable it to become a viable competitor to sites like Facebook & Myspace, but to no avail.
The purchase of the site was always viewed with some scepticism but those within the industry, and now it seems AOL has all but ‘fessed-up and admitted it paid too much for what was always going to be a bit of a millstone.
Full story here: http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article7089774.ece#cid=OTC-RSS&attr=1063742