According to Reuters, AOL Inc plans to either sell or close its social networking site Bebo, for which it paid $850 million in 2008, by the end of May this year.
According to the company, the competition from larger players such as Facebook and News Corp's MySpace has compelled it to take the decision.
Bebo, founded in San Francisco, is one of the most popular social networking sites in the UK, but never gained popularity in the United States.
[AOL had bought Bebo for $850 million in March 2008. At that time AOL was a part of Time Warner Inc. In December 2009, AOL was separated from Time Warner and was made an independent company.]
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