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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.
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.
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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.
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.
Read more
