AOL has announced that it is planning to get rid of ailing social networking site Bebo.
The internet giant said it was unable to provide the funds necessary to keep up with the bigger social networking sites.
To that end, it will either be selling Bebo in the near future, or writing off the $850m (£417m at the time, according to the BBC) it paid for the site two years ago and shutting it down.
AOL cited the explosion in popularity of sites like Facebook as a reason for the decision.
“Bebo, unfortunately, is a business that has been declining and, as a result, would require significant [...]