Michael Birch Bought The Bebo Social Network Back For $1 Million
Bebo used to be one of the top social networks in the world. Facebook, Twitter, LinkedIn, and Google+ ended up winning the social networking wars. That did not stop AOL from buying Bebo for $850 million. AOL sold Bebo to Criterion Capital for somewhere between $5 and $10 million in June 2010. Two months ago, Bebo filed a Chapter 11 bankruptcy petition. Burke Capital Corporation gained ownership of Bebo after that. Burke handled the auction of Bebo’s assets.
Now Bebo founder Michael Birch has bought the social network back for $1 million. Before the Chapter 11 petition, Bebo was owned by Criterion Capital Corporation and several investors that includes Michael Birch and Bebo co-founder/Michael’s wife Xochi.
Birch reported that he bought Bebo back for $1 million on Twitter [screenshot below]. “We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…” said Birch.
Birch will now be the sole owner of Bebo. Monkey Inferno, the incubator run by Birch, will oversee the relaunch of Bebo. Monkey Inferno has 21 full-time employees.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry