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AOL to Sell Bebo for $10 Million

by David Brooks | 17.06.2010
TechCrunch have reported that AOL are to Sell Bebo for around $10 million to an investor group. That’s a massive drop from the $850 million that AOL first forked out for the social networking website back in 2008. See below for a quote from TechCrunch:

“AOL is close to selling Bebo to an investor group, we’ve confirmed from a source close to the company. The price? $10 million or less. Rumors of the acquisition first surfaced this morning, and the buyer may be Criterion Capital Partners.

That’s just a bit less than the $850 million AOL paid for the social network in 2008. And as decimated as Bebo is, it’s almost certainly worth more than $10 million.

But the deal will also give AOL the ability to write off the full purchase price of Bebo for tax purposes…”