Time Warner’s AOL buys social networking site Bebo for £420m

We all know that social networking sites are powerful for promotion and News Corp knew this a long time ago when they brought MySpace. Today we are hearing that Time Warner’s AOL is buying social networking site Bebo for £420m, that’s more than the £300m MySpace was brought for but today MySpace is valued at £7.5bn.

With 40 million members worldwide, that makes Bebo the second most popular social network site in the UK. This is what Ron Grant (AOL’s president), had to say “Bebo’s dynamic management team recognises the Internet is less about destination and more about connecting people, culture and lifestyles”.

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