AOL Buys Bebo

AOL announced the purchase of Bebo for $850 million on March 13, 2008.PC Magazine: AOL Buys Bebo To Regain Social Status (March 13, 2008) The acquisitions came after five months of negotiations between the two companies. A strategic acquisition on AOL's part, Randy Falco, AOL's chairman and CEO, stated "Bebo will be the cornerstone of our strategy to transform the online experience for advertisers, media companies and consumers."PC Magazine: AOL Buys Bebo To Regain Social Status (March 13, 2008)
Fast Facts:
1. In started in September 2007
2. First reported by TechCrunch in February 2008TechCrunch: Bebo: Up To $1 billion Acquisition “Definitely Happening” Says Source (February 12, 2008)
3. Officially announced on March 13, 2008PC Magazine: AOL Buys Bebo To Regain Social Status (March 13, 2008)
4. Deal worth $850 million in cashITH.com: AOL to buy Bebo social network (March 13, 2008)
5. Bebo is the No. 3 social network in the United StatesITH.com: AOL to buy Bebo social network (March 13, 2008)
6. Bebo claims to have 40 million global membersITH.com: AOL to buy Bebo social network (March 13, 2008)
7. Bebo was a privately held company
8. Bebo has a significant audience abroad in countries such as: Ireland, New Zealand and EnglandITH.com: AOL to buy Bebo social network (March 13, 2008)