Michelle Wong, 08 June 2008
AOL has now formally concluded its acquisition of the Social Network, Bebo, for $850 million. Bebo will no longer operate as a stand-alone site, instead AOL is combining Bebo, AIM, ICQ and its other community platforms into a new business unit known as the People Networks with some 80 million unduplicated users. Joanna Shields, who led the sale as president of Bebo, joins AOL as president of the new business unit.