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AOL Dumps $1.2 Billion Worth of Acquisitions

Posted by samzenpus on from the excess-inventory dept.

destinyland writes "The social networking site Bebo is being sold for just 'a small fraction of the $850 million AOL paid for the site two years ago,' according to the Wall Street Journal. Since its acquisition, 'the site has been shedding users as fast as Facebook and Twitter have been gaining them,' according to one industry observer, quoting an April memo reportedly sent by an AOL executive arguing that Bebo 'has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space.' Bebo's traffic is already down 44% from last year, according to the Wall Street Journal, attracting just 5 million unique US visitors in May (versus 130.4 million for Facebook). And earlier this month, AOL shed the instant messaging service ICQ for $187.5 million — which it had acquired in 1998 for over $408 million."

6 of 122 comments (clear)

  1. The leaders, in losing money. by tivoKlr · · Score: 4, Funny

    AOL & Time Warner. AOL & Bebo. AOL and & ICQ. Gosh what's next...AOL and GM?

    Wanna lose money? Follow AOL's lead...how is it that this company exists anymore?

    --
    Ocean is land, covered with water.
    1. Re:The leaders, in losing money. by tehcyder · · Score: 4, Funny

      As the saying goes, the only way to make a million dollars from AOL is to start off with ten million.

      --
      To have a right to do a thing is not at all the same as to be right in doing it
  2. About half of that is in 30-Day Trial CD-ROMS. by Anonymous Coward · · Score: 5, Funny

    BP has shown interest in using them to plug the hole.

  3. Re:AOL Is Bad At This by khallow · · Score: 4, Funny

    I never understood the bad reputation that AOL has. They are a great charity.

  4. *bing* by Anonymous Coward · · Score: 5, Funny

    You've got fail!

  5. Re:AOL needs to be stopped by Buzzsaw5 · · Score: 5, Funny

    They seem to ruin everything they touch.

    Hopefully they'll acquire the Yankees next.