AOL Completes Acquisition of Bebo

AOL completed its acquisition of Bebo, which will form the centerpiece of AOL’s newly formed People Networks business unit. Joanna Shields will serve as Executive Vice President, AOL, and President of People Networks, which comprises Bebo, AIM, ICQ, and AOL’s other community services. People Networks currently has a combined reach of about 80 million users worldwide. AOL Chairman and CEO Randy Falco said that “AOL is uniquely positioned to capitalize on the exploding social media space by delivering a more personal experience for consumers and a better way for advertisers to engage them.” Read more in the release.