Time Warner's AOL internet division is buying the social networking site Bebo for $850m (£417m) in cash.

AOL has entered into an agreement to acquire Bebo, a leading global social media network. Founded in 2005, Bebo now has 40 million members worldwide. Together with AIM and ICQ, AOL will have a social network of approximately 80 million unique users worldwide, putting it in a leading position in the fast-growing social media market. AOL CEO Randy Falco said it is "the perfect complement to AOL’s personal communications network and puts us in a leading position in social media."

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