Media company AOL is reportedly doing all it can shut down social-networking site Bebo almost two years after acquiring it for US $850 million.
Reports from the company say that AOL plans of either selling Bebo or shutting it it down this year.
AOL broke the news to its employees on Tuesday through an internal memo that spoke about AOL’s plans of saying goodbye to social networking site Bebo. The memo stated: “Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space. AOL is not in a position at this time to further fund and support Bebo in pursuing a turnaround in social networking.”
The pending decision regarding Bebo will be made by AOL sometime next month.