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AOL finds buyer for Bebo

According to reports, AOL has found a buyer for its Bebo social-networking website.

The buyer is said to be a Californian-based private investment firm called Criterion Capital Partners. However, no-one from AOL or Criterion has officially commented on a deal as yet. 

According to the Wall Street Journal, the price is said to be a “small fraction of the $850 million AOL paid for the site two years ago.”
 
Bebo never really gained traction in the US, but came fairly popular in Europe, particularly in the UK.  Its U.S. base has been diminishing in the face of competition from other social networking websites, particularly Facebook.

John Brod, AOL’s head of startup and acquisitions, said earlier this year that the website would need significant investment to compete in the social networking space.