Time Warner buys Bebo for $850m


Ireland’s most popular social networking site, Bebo, is to be acquired by AOL, the internet division of Time Warner, for US$850m in cash.

The acquisition comes after 5 months of talks between the two companies. It also delivers a huge windfall – understood to be just over $700 million – to Bebo’s founders, British man Michael Birch, 37 and his Californian wife Xochi, who set the site up 3 years ago and have nurtured its growth.

Full report from SiliconRepublic.com

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