AOL sells Bebo with the loss of 85%

Must Read

Apple is Being Evil For 1.5 Billion iPhone, iPad Users Worldwide

Last year when Apple Inc. (NASDAQ:AAPL) was accused of recording everything that iPhone users were talking through...

Is Bill Gates Developing Covid-19 Vaccine To Track Billions Of Users Worldwide?

Bill Gates is once again at the centre stage of controversy related to novel Coronavirus.

Uber India Layoffs 25% Workforce Citing Tough Market Conditions

After laying off thousands of employees in the US, Uber is scaling down its operations in India...

AOL has sold its social networking site Bebo to US-based merchant banking and financial advisory firm, Criterion Capital Partners. The deal was reportedly closed for less than $10 million. AOL had acquired Bebo by paying $850 million in March 2008. with tough market competition from frindster & Facebook, which over run Bebo made AOL to accept the loss of allmost 85%.

“AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking,” the company recently informed its employees through an email. “AOL is committed to working quickly to determine if there are any interested parties for Bebo and the company’s current expectation is to complete our strategic evaluation by the end of May 2010.”

Launched in 2005, Bebo currently has a strong user base across the globe, including in US, UK, Ireland, Australia, New Zealand, Canada, Poland, France, Germany, Italy, Spain, India, Pakistan and Netherlands.

Advertisements

“The young, highly active user base, revenue history, presence in countries throughout the world and solid technical infrastructure make it an attractive media platform both as a standalone entity and in the context of our broader investment objectives,” Adam Levin, managing partner, Criterion Capital Partners, has said.

“Criterion Capital Partners are specialists in facilitating growth plans and turnarounds, and are well placed to drive Bebo’s effort to strengthen its foothold within the highly competitive social networking arena,” Tim Armstrong, chairman and chief executive officer, AOL, has said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Uber India Layoffs 25% Workforce Citing Tough Market Conditions

After laying off thousands of employees in the US, Uber is scaling down its operations in India...

Apple is Being Evil For 1.5 Billion iPhone, iPad Users Worldwide

Last year when Apple Inc. (NASDAQ:AAPL) was accused of recording everything that iPhone users were talking through Siri, the company was quick...

Is Bill Gates Developing Covid-19 Vaccine To Track Billions Of Users Worldwide?

Bill Gates is once again at the centre stage of controversy related to novel Coronavirus. Battling falsehood and paranoid...

Darkest Before Dawn: Can India Survive Its Worst Ever Recession?

Bolt your doors, batter down your hatches, brace yourselves. Recession is about to make landfall. According to Goldman Sachs, a...

Crisis Of Trust: The Glue Between Brands, Customers And Employees!

The COVID-19 crisis, which shows no sign of stopping any time soon, has left no life untouched in terms of impact. It...

WeWork Valuation: $2.9 Billion, Way Below Than Estimated $47 Billion 6 Month Ago

If you are thinking it is some kind of clickbait, you are highly mistaken. The debate on the valuation of WeWork once...

In-Depth: Dprime

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

TikTok Is Facing The Wrath Of People Who Love It The Most

Ever since the popular social media app TikTok entered India, it has been growing very aggressively in terms of users. Within a...

Facebook Shops: Looking Beyond Ad Dollars!

Amid this global pandemic, when companies are struggling to find new verticals to pivot towards in order to maintain their revenue and...

More Articles Like This