Just two years after AOL acquired teen-centric social networking site Bebo for a paltry $850 million, it is now set to close it forever.

AOL had hoped to boost it’s profile and membership to enable it to become a viable competitor to sites like Facebook & Myspace, but to no avail.

The purchase of the site was always viewed with some scepticism but those within the industry, and now it seems AOL has all but ‘fessed-up and admitted it paid too much for what was always going to be a bit of a millstone.

Full story here:  http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article7089774.ece#cid=OTC-RSS&attr=1063742