AOL’s struggle to make Bebo profitable is not the first time that a social network has brought trouble to its new owners. Both the purchase of MySpace by News Corporation and of Friends Reunited by ITV has coincided with those networks losing huge amounts of value: Rupert Murdoch paid £364 million for MySpace, while ITV paid £175 million for Friends Reunited. MySpace is now valued for “next to nothing” according to former Merrill Lynch analyst Henry Blodget, and ITV sold Friends Reunited for £25 million last year.
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