AOL Says Bebo Not Worth Saving

AOL says that Bebo, the social networking site they bought for $850 million just two years ago, isn’t worth saving. Good luck trying to sell it now after a statement like this:

As we evaluate our portfolio of brands against our strategy, it is clear that social networking is a space with heavy competition, and where scale defines success. 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. AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking.

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