Struggling AOL Acquires Bebo

Apparently, there's still value in the mostly ad-supported Internet business of social networking.

Yesterday AOL announces a plan to acquire Bebo, the third-biggest social networking site in the United States, for $850 million in cash. It's reported that: "AOL has spent close to $2 billion in the past year or so on acquisitions as it races to leave behind its tangled legacy as the 1990s phenomenon that introduced much of America to the Web." (CNNmoney.com).