Bebo is coming back, and the original founders promise new members that the new site will have fewer, ahem, members.
AOL once paid $850 million for the social network. Bebo creator Michael Birch has bought it back for a cool $1 million, and aims to start over.
Michael Birch isn't sure if he can reinvent the site he launched eight years ago, but he plans to have fun trying.
One of the fastest growing social-networking Web sites on the Internet
Criterion Capital Partners acquires and will run the teen-oriented social media network Bebo, which had been "a major distraction" for AOL.
AOL may have found a buyer in a Southern California hedge fund, but at a price nowhere near what it paid for the social network in the first place--$850 million.
Birch co-founded the social network in 2005, then flipped it to AOL for $850 million. He's more than happy to talk about his preference of fish and chips over hamburgers, though.
He wasn't yet CEO of AOL when it blew $850 million on Bebo two years ago, but now he has to own up to one of the digital-media industry's biggest acquisition messes.
Company confirms that the social-networking site will be sold or shuttered by the end of May, as staying competitive would require too much money.
Joanna Shields, who is also an ex-Googler, will run Facebook's sales team for Europe, the Middle East, and Africa.