NEW YORK (Reuters) - Time Warner Inc's AOL Internet division said on Thursday it will buy social network Bebo for $850 million in cash, bolstering its consumer Internet offerings even as the media conglomerate mulls splitting off the business.
Bebo, which claims a global membership of about 40 million users, is the top social network in Britain, Ireland and New Zealand, it said. It is No. 3 in the United States behind News Corp's MySpace and Facebook.
"Bebo's dynamic management team recognizes that the Internet is less about destination and more about connecting people, culture and lifestyles," AOL President Ron Grant said in a statement.
Bebo President Joanna Shields will continue to run Bebo and will report to Grant after the transaction closes.
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