Marriage partners Michael and Xochi Birch, founders of Social networking service Bebo, reacquired it for $1M with a view to restart it. According to Michael Birch`s microblog: “We have just reacquired Bebo for $1M. Will we manage to restart it? Nobody can tell. But it would be great to try out.”
Bebo was founded in 2005 and became one of the leading Social networking services. In 2008, as Business Insider reminds, the company AOL acquired the project from marriage partners Birch for $850M. Shortly thereafter popularity of the social network declined, in a large part because of management disadvantages, and also because of competitive social network Facebook prosperity. Only two years later AOL resold assets of investment company Criterion Capital Partners for less than $10M.
Criterion Capital Partners tried to galvanize life into Bebo but failed. In May Bebo, having 40 million users floruit, initiated bankruptcy proceedings.