AOL, infamous for terrible investments, has announced that they will either sell or shut down the social networking site Bebo, which they bought for $850 million just two years ago.
"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 Jon Brod, executive vice president of AOL. "AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking."
At the time of the acquisition, AOL was still part of Time Warner, part of a merger that many have called the worst deal of all-time. (AOL had to take a $99 billion dollar loss in 2002.)
Bebo saw only 5 million unique visitors last month, compared to 112 million for Facebook, and Bebo continues to see declining traffic.
At the time of the acquisition, AOL was still part of Time Warner, part of a merger that many have called the worst deal of all-time. (AOL had to take a $99 billion dollar loss in 2002.)
Bebo saw only 5 million unique visitors last month, compared to 112 million for Facebook, and Bebo continues to see declining traffic.
