Bebo to Close Down
Old news but good news, per associated press wires: -
“AOL plans to close or sell the social networking website Bebo, which it bought for $US850 million ($916m) two years ago, according to a memo from management.
“In an annual filing for Bebo we will make tomorrow, AOL will indicate that it is currently evaluating strategic alternatives, which could include a sale or shutdown of Bebo in 2010,” the memo to AOL employees obtained by Silicon Valley Insider and other technology blogs 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,” said the memo from Jon Brod, executive vice president of AOL Ventures.
“AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking,” Mr Brod said.
“AOL is committed to working quickly to determine if there are any interested parties for Bebo and the companys current expectation is to complete our strategic evaluation by the end of May 2010.”
Bebo has been steadily losing ground to other social networking sites such as Facebook and MySpace.”
I lol’d at the ‘has been steadily losing ground’, like it HAD ground to begin with. The downside is it means a metric craptonne more 12 year old crazed Justin Boober fans swarming Twitter and other social networks.
