GADGETS

Just two years after acquiring social network Bebo for $850 million, the newly-independent AOL has decided to abandon its social networking investment, either by selling it or simply shutting it down.

According to PaidContent, AOL sent a message to employees earlier today stating that it “is not in a position” to support Bebo: “The strategy we set in May 2009 leverages our core strengths and scale in quality content, premium advertising and consumer applications, positioning us for the next phase of growth of the Internet.

AOL acknowledges that the Bebo acquisition was a costly mistake and has been trying to sell it for a while. The reality is that it didn't fit into the AOL focus on content. Bye bye Bebo!

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