AOL to Buy Bebo for $850 Million - Advertising Age
Social-Networking Site Could Help Once-Dominant Portal Regain Status
Amid a slew of executive departures, AOL put out some good news this morning: It is acquiring social network Bebo for $850 million.
The move is the latest in a string of midsize acquisitions for the Time Warner-owned portal over the past year and evidence, said CEO Randy Falco, of AOL’s good relationship with Time Warner. Bebo is also a well-trafficked web property that should add an avenue of distribution for the group of ad networks AOL has amassed, including Advertising.com, Tacoda, Quigo and Third Screen Media.
The Bebo acquisition “puts us squarely in a leading position in social media at a time when it’s growing at a fantastic rate,” AOL CEO Randy Falco wrote in a note to employees. “It will help power our strategic priorities across the board. And, just as important, by acquiring Bebo we can reclaim our heritage as a leader and innovator in the online community space.”
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