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AOL sells Bebo with the loss of 85%

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%.

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