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Bebo solded to Criterion Capital Partners by AOL.

Originally acquired by AOL for $850 million back in 2008, Bebo has clearly been a colossal flop for AOL, and as the company refocuses on content, makes little sense strategically. Along those same lines, AOL unloaded ICQ to DST a little over a month ago.

The buyer of Bebo is said to be Criterion Capital Partners, a hedge fund.

The Internet company has been publicly looking for an acquirer for some time, and in April, news leaked that AOL would likely shut down the site if a buyer was not found.

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