AOL completes Bebo Acquisition

AOL, Bebo Logos In March we had reported about AOL acquiring Bebo for $850 million. AOL has now completed the acquisition of Bebo, a social networking website.

With this acquisition, AOL intends to integrate its other community applications and tools, including IM, chat and mail functionality into Bebo. This will allow users to merge AIM and Bebo profiles facilitating them to use common screen names without re-registering.

Ron Grant, President and COO, AOL said, “Unlike other social networks, which have had a difficult time monetizing their sites without jeopardizing the user experience, Bebo created an environment that enables advertisers, brands and media companies to engage in meaningful, relevant conversations with its users. Combining Bebo with our other social media applications, our content sites, and Platform-A gives us an unmatched opportunity to create value for these highly engaged audiences.”

“Bebo has succeeded by providing its users with the best platform for entertainment, self-expression and community,” said Joanna Shields, CEO, Bebo. “People Networks expands this vision by extending our reach, bringing instant communication tools to our users and providing them with the ability to share their passions with people like them.”

Bebo’s CEO Joanna Shields will now serve as Executive Vice President of AOL and President of People Networks, which combines Bebo, AIM, ICQ and AOL’s other community platforms and reaches about 80 million users worldwide. And Shields will report to AOL President and COO Ron Grant.