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AOL to buy social network Bebo for $850 mil


March 14, 2008 Time Warner's AOL has agreed to acquire global social network Bebo, which has a total membership of more than 40 million worldwide, for $850 million in cash. The company is one of the leading online social networking providers in the U.K. and is the top-ranked network in Ireland and New Zealand. "Bebo is the perfect complement to AOL's personal communications network and puts us in a leading position in social media," chairman and CEO Randy Falco said.

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