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Internet company AOL has sold Bebo, the social networking site it bought two years ago for $850m (then £417m).
Criterion Capital Partners, a small private investment firm, announced that it had bought the business, but did not disclose the amount paid.
However, analysts suspect it to be just a fraction of the price paid by AOL in 2008.
[edited by: tedster at 10:56 pm (utc) on Jun 17, 2010]
[edit reason] fix typo [/edit]
joined:Dec 29, 2003
AOL, which paid $850 million for the site, got less than $10 million for it, said a person familiar with the matter, who declined to be identified since the price wasn’t made public. AOL said in a filing today it expects to record a tax benefit this quarter of $275 million to $325 million from the sale.