AOL buys Bebo

The social media network Bebo has been acquired by AOL. Bebo is one of the leading social networks in the UK and number one in Ireland and New Zealand.

With its 40 million members worldwide the network is an excellent complement to AOL's networking media with AIM (AOL Instant Messenger) and ICQ. AOL payed $850 million in cash. Joanna Shields, speaker at DLD08 and president of Bebo, said: "With one and the same vision in this area, it was a natural progression for Bebo to join AOL, and we look forward to working together to continue to expand the online social experience globally." Upon closing transaction, Joanna Shields will continue to run Bebo and will report to Ron Grant. Read more at CenterNetworks, News.com and PaidContent.

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