AOL Officially Sweeps Embarrassing Bebo Saga Under The Rug

We hear it’s a bit early in the morning for high-fives over at AOL HQ, but that doesn’t mean AOLers don’t have plenty of reasons to celebrate after Time Warner’s (TWX) board approved an AOL’s spin-off last night.

Not the least of them: As a part of the re-org that will follow the spin-off, new CEO Tim Amstrong plans to take a stiff brush to its $850 million social network Bebo and firmly sweep it under the rug.

Reports Kara Swisher:

Bebo, as well as start-ups AOL has bought recently, such as the Userplane social media apps unit and its Truveo video search service, will be “relocated” into AOL Ventures. Each will operate on their own, and AOL will try to get venture capitalists to invest in them.

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