Thursday, June 17, 2010
Bebo's Surprise Buyer: LA's Criterion Capital Partners
Studio City-based private equity firm Criterion Capital Partners is the buyer of AOL's distressed Bebo social networking site, AOL confirmed today, after widespread reports that AOL would be selling the firm. The deal is reportedly worth less than $10M, and comes only two years after AOL paid $850M for Bebo. Criterion Capital Partners is headed by Adam Levin. Criterion said the acquisition and financing was led by Levin, in partnership with Paul Abramowitz and Richard Hecker.