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| AOL acquires Bebo social network | AOL acquires Bebo social network |
| (10 minutes later) | |
| Time Warner's AOL internet division is buying the social networking site Bebo for $850m (£417m) in cash. | |
| Bebo is the third-biggest social networking site in the US, behind MySpace and Facebook. | |
| AOL says that Bebo has more than 40 million members worldwide who view an average of 78 pages per day each. | AOL says that Bebo has more than 40 million members worldwide who view an average of 78 pages per day each. |
| The price-tag is tiny when compared with the valuations of similar websites. Microsoft bought 1.6% of Facebook last year for $240m. | |
| News Corp bought MySpace for $580m in 2005 but now estimates that it is worth more than $15bn. | |
| Social networking sites are seen as a valuable location for online advertising, because members post information about themselves and can then be targeted with products and services likely to appeal to them. | |
| The transaction comes at a time when Time Warner is considering splitting its business to part company with its AOL unit. | The transaction comes at a time when Time Warner is considering splitting its business to part company with its AOL unit. |
| Bebo is the biggest social networking website in Britain, the Irish Republic and New Zealand. |