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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Volcker: Taxes likely to rise eventually to tame deficit 06 Apr 2010 Iran's president attacks Obama on nuclear "threat" 2:05pm EDT Florida says challenge to healthcare reform widens 4:42pm EDT Greenspan says Congress pushed Fed on housing boom 10:42am EDT Leaked U.S. video shows deaths of Reuters' Iraqi staffers 05 Apr 2010 Volcker: Taxes likely to rise eventually to tame deficit 06 Apr 2010 Florida says challenge to healthcare reform widens 4:42pm EDT Greenspan says Congress pushed Fed on housing boom 10:42am EDT Iran's president attacks Obama on nuclear "threat" 2:05pm EDT IRS could tap refunds for health insurance penalties 05 Apr 2010 AOL says to sell or shut down Bebo in 2010 NEW YORK Wed Apr 7, 2010 3:31pm EDT NEW YORK (Reuters) - AOL Inc plans to find a buyer for its social networking site Bebo, for which it paid $850 million in 2008, or shut it down. Technology | Media The level of competition in social networking makes it difficult for the company to fight larger players such as Facebook and News Corp's MySpace, AOL said. The company plans to decide whether to close Bebo or sell it by the end of May, it told staff on Tuesday. "Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space," the company said in a memo sent to staff. AOL, which was spun off from Time Warner Inc in December, said it is not in a position to "further fund and support Bebo in pursuing a turnaround in social networking." The company said it is committed to finding interested potential buyers for Bebo. Bebo has about 40 employees, mostly in the United States. Bebo, founded in San Francisco, is one of the most popular social networking sites in the UK, but never gained traction in the United States. AOL paid $850 million for the company in March 2008 as the Internet company, then part of Time Warner, tried to latch on to the coattails of the social networking craze. (Reporting by Yinka Adegoke. Editing by Robert MacMillan) Technology Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Japan's video game visionary: the console is dying TOKYO (Reuters) - Hideo Kojima, one of the world's most famous video game creators, sees a future for digital entertainment outside the box -- outside any box. Google, AOL patent win affirmed by appeals court Google sued by visual artists over book scanning Comcast wins Web traffic fight against FCC Vodafone to offer Web via Opera in emerging markets Nokia, others seen following Apple in tablet push » More Top News "Of course we made mistakes" Alan Greenspan -- once revered for his economic wisdom -- defended his deeply flawed legacy and denied the Fed helped to inflate house prices. Full Article | Video Bernanke: Not "out of the woods" yet Dear shareholder: We didn't do it Citi: The mortgage underwriter’s tale Financials You may want to check that, sir Spirit Air's plan to charge $45 for carry-on baggage is likely just the beginning of a string of new airline fees. Is paying for the use of the toilets next? Full Article It's simple: Bring less, pay less Felix Salmon weighs in on the fee What passenger rights do you want? 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