AOL to buy social network Bebo for $850 million

AOL said Thursday it will pay $850 million to acquire the online hangout Bebo, giving the struggling Internet company a foothold in an expanding business. Bebo is one of the largest social networks in Britain, is ranked No. 1 in Ireland and New Zealand and has a global membership of more than 40 million, according to AOL. In the United States, however, it ranks third behind MySpace and Facebook.

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