MyMai.tv Dev Blog / Social-Web News Feed

The rumors are true: hedge fund Criterion Capital Partners is indeed the buyer of Bebo. As we reported yesterday, AOL is offloading the social networking service for less than $10 million (other media are reporting a purchase price of around $2.5 million). To remind you: AOL paid $850 million for Bebo back in 2008. Ouch indeed. In a press release that just went out, Criterion acknowledges that it has acquired the Bebo business from AOL and that it will “assume the rights and complete operating control over the global social platform business”. The acquisition and financing was led by CCP partner Adam Levin in partnership with business strategist Paul Abramowitz and web entrepreneur Richard Hecker. Criterion Capital Partners will take over Bebo’s global operations immediately and retain its San Francisco-based headquarters.