AOL confirmed on Tuesday that social networking site Bebo will either be sold or shuttered. The company will determine its fate by the end of May.
AOL, then part of Time Warner, bought Bebo for $850m (£557m) in March 2008, but struggled to build a name for itself outside of the UK, where it is one of the most popular social networking sites. In the US, it never really gained any traction.
"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," the company said in a memo to employees.
For more on this story, see AOL: Bebo not worth additional investment; Sale or closure coming soon on ZDNet.com.