Social network Bebo to close

Summary:AOL has announced that the social networking site will be either sold or closed, with a final decision coming at the end of May

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.

Topics: Tech Industry

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.