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Bebo founders buy back social network for $1mil after selling it to AOL for $850mil

http://www.dailymail.co.uk/news/arti...years-ago.html

Quote:

The founders of Bebo have bought back the worthless social network for $1 million after selling it to AOL for $850 million just five years ago then watching it die.

Husband-and-wife team Michael and Xochi Birch netted some $600 million from the sale but the business crumbled shortly after the acquisition thanks to AOL's mismanagement and the rise of Facebook.

But the minted British tech wiz tweeted today that he and his equally brainy spouse had snapped up the company they made a killing from for a song - 1/850th of the sale price - and did it all for 'fun.'

We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying...

? Michael Birch (@mickbirch) July 1, 2013

'We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it'll be fun trying..' he wrote.

Bebo, which stands for 'Blog Early, Blog Often,' was founded in 2005 and in its hey day had some 40 million users around the world.

AOL paid the exorbitant sum boasting that the purchase was a 'game-changing' step that would put it 'squarely in a leading position in social media.'

could be a good investment...

:1orglaugh Good for them

Lol,this is hilarious two time,first how they bought it back,and second how it been bought by aol,which makes me wonder howmany failed investments aol have.Seems problem with social network is same as with search engine-one is a king,the rest takes breadcrumbs.

Bebo is one site I have never been on in my life.

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Originally Posted by DVTimes (Post 19695992)

Bebo is one site I have never been on in my life.

It's horrible.

How many times do the big tech companies have to buy some crumby site for way too much to realize it almost never works out? Yahoo and AOL bought and killed hundreds of sites. Now Google and Facebook are doing the same. Good luck guys. How is instagram working out?

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Originally Posted by SplatterMaster (Post 19695629)

http://upload.wikimedia.org/wikipedi...rson_Photo.jpg

Exactly what I was thinking!

The problem is you need to find ways to make them = cash.

facebook is doing it in a few ways, but while its making money, its loosing customers.

its one of the problems is that by changing a model to adverts, it puts many off.

AOL fucks up everything they touch. including AOL.

I always thought Bebo was like a Chinese version of something so I never went there before.

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Originally Posted by DVTimes (Post 19696189)

Yeah but they Prism licensing agreement I'm sure brings them a few bucks

It seems yahoo is closing altavista, another property which they fucked up after geocities.

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Originally Posted by slapass (Post 19696063)

Instagram has gotten bigger since the acquisition... I don't understand your point.

im sure they will have fun with it now they allready made their $$$

Bebo was creepy, I bet thats not a straight mill either in cash, but I can remember how they used to blow money. They launched a stupid page once and had jamie cullen perform for no reason whatsovever. LOL. good music, crap site

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Originally Posted by Doctor Dre (Post 19699132)

Instagram has gotten bigger since the acquisition... I don't understand your point.

But it still does'nt make any money.

AOL days! Very funny.