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AOL close to sale of Bebo

AOL is close to selling social network site Bebo to private investment firm Criterion Capital Partners, according to a report in The Wall Street Journal. AOL bought the site more than two years ago for $850m (£569.7m), but is now aiming to streamline its business since Time Warner spun it off last year. In April, AOL said it planned to either sell or close down Bebo. A spokesperson for AOL declined to comment. Criterion was not immediately available for comment.