Why did AOL sell Bebo
NEW YORK (awp international) - Better an end with horror than horror without end: according to this motto, the US Internet company AOL has sold its social network Bebo. The small Californian financial investor Criterion Capital Partners took hold of it. Both sides were silent about the price on Thursday. But given the decline of Bebo it is certain that the sum is only a fraction of the $ 850 million that AOL had to shell out two years ago.
Bebo is one of the most expensive mistakes in the eventful history of the Internet veteran AOL. The acquisition should actually help AOL to accelerate the change from Internet access provider to advertising-financed content provider. But the network community did not participate. Bebo lost millions of members to competitors like MySpace and Facebook.
"Unfortunately, Bebo has been a shrinking business," wrote AOL manager Jon Brod, who is responsible for investments, to employees in April and announced that he wanted to part with the daughter in one way or another. Even a closure was in the room.
AOL cannot afford to drag problem cases through. After the break-up with Time Warner, the company is in a state of upheaval and is still struggling with the consequences of the economic crisis. In November, AOL announced that it would cut around 2,500 jobs and thus a third of all jobs. The company has withdrawn completely from Germany.
The tough cuts are slowly paying off. After a mini-profit at the end of last year, AOL's bottom line was again $ 35 million in the first quarter. To get more money into the till two months ago, AOL sold the well-known chat service ICQ to Russian investors for almost $ 188 million. At the beginning of March, the media group Axel Springer took over the AOL sales platform buy.at together with the Swiss PubliGroupe. / Das / DP / ck
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