AOL Takes Huge Hit In Selling Off Bebo

Law360, New York (June 17, 2010, 7:42 PM EDT) -- AOL Inc. has sold social networking site Bebo to a private investment firm for what is reportedly a tiny fraction of the $850 million it paid for the company just two years ago.

The private investment firm, Criterion Capital Partners LLC, announced Thursday that it had acquired Bebo and that it would immediately take over its global operations. The company will remain based in San Francisco.

Exact terms of the deal were undisclosed, but some publications were reporting the transaction price as $10 million or less....
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