1 year, 8 months ago
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How much did AOL sell Bebo for? Who bought it?
When AOL sold Bebo how much did they get for it? What was the total price of the deal, including any stocks, bonuses or options one company got from the other.
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AOL bought social networking site Bebo in 2008 for $850 million and in June of 2010 they sold Bebo to Criterion Capital Partners LLC for reportedly less than $10 million. The exact details of the deal were not reported publically, but AOL Chief Executive Tim Armstrong did comment that the deal would create “a meaningful tax deduction” so they obviously took a big hit on the deal.
Criterion Capital Partners is an investment firm that specializes in turnarounds. Bebo has a much larger presence in Europe, but has struggled to gain traction in the United States. In May of 2010, Bebo had 5 million unique visitors in the US, down 44% from last year. The decline in visitors tracks with the decline in price.
Criterion Capital Partners is an investment firm that specializes in turnarounds. Bebo has a much larger presence in Europe, but has struggled to gain traction in the United States. In May of 2010, Bebo had 5 million unique visitors in the US, down 44% from last year. The decline in visitors tracks with the decline in price.
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