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AOL buys social network Bebo for $850 million

News Type: Event — Seeded on Thu Mar 13, 2008 8:56 AM EDT
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AOL issued a press release on Thursday morning to announce that the company has acquired social-networking site Bebo. The price tag, according to the AOL statement, is $850 million in cash. Neither company has yet stated when the deal is expected to be closed.

Joanna Shields, president of the San Francisco, Calif.-based Bebo, will continue to run the social network. She will report to Ron Grant, president and chief operating officer of AOL.

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