AOL working on getting rid of Bebo
Bebo is one of the few worthy challengers to Facebook in the social networking space.
But the gap has become so huge between Facebook and the rival services that it has become futile to think of competing in the same space.
AOL owns Bebo. They acquired it for a massive $850 million and it is now hurting them.
Online sources indicate that AOL has been thinking of ways to get rid of it. It can either be sold to another party or could simply be shut down.
It has been reported that AOL has alerted their employees about their decision on Bebo. The message states:
As we evaluate our portfolio of brands against our strategy, it is clear that social networking is a space with heavy competition, and where scale defines success. 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. AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking.