krou writes: AOL claims that it can no longer give the "significant investment" Bebo needs to compete against the likes of Facebook. Jon Brod of AOL Ventures said that 'Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space. AOL is committed to working quickly to determine if there are any interested parties for Bebo.' Bebo currently has approximately 5.1 million users, a drop of
.7 million since this time last year. AOL bought the site two years ago for $850m, and is expected to sell it for far less.