SOCIAL networking site Bebo was spared the axe – after parent AOL sold it to a US turnaround specialist just two years after buying it for £574m.
The deal with Criterion Capital comes two months after AOL said it was unwilling to put up the “significant investment” needed in Bebo, which was threatened with closure unless a buyer was found.
Bebo was a success in the UK, but flopped in the US against competition from Facebook.
