AOL Plans to Sell or Close Bebo, its Social Network

According to a variety of sources, AOL plans to sell or close Bebo, the social network that it acquired two years ago for $850 million.

In a memo sent to employees, AOL Ventures Executive Vice President Jon Broad, said, "Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space."

He added, "AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking."

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