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.
