NEW YORK: Time Warner's $1.95bn (€523.3m; £417.0m) acquisition of social networking site Bebo was completed Monday with its integration into newly created AOL unit People Networks.
Bebo becomes the network's focal point with AOL's email, instant messaging service AIM, and chat facility ICQ melded under the Bebo banner. And there will be ongoing cross-promotion of content.
This will see AOL promoting interactive shows such as Sofia's Diary and The Gap Year across its channels while Bebo will offer AOL music and entertainment channels.
The new unit is led by former Bebo president Joanna Shields, now transmogrified into AOL evp and president of People Networks.
Rah-rahs AOL chairman/ceo Randy Falco: "AOL is now fully focused on growing our business in three key areas (advertising, publishing and people networks) by delivering relevant content and advertising across the web, and we're making great progress in each area."
Data sourced from mad.co.uk; additional content by WARC staff