AOL buys Bebo

The third biggest "social networking" site, Bebo, has been gulped down.

Following News Corp's acquisition of MySpace, Microsoft's investment in Facebook and CBS's purchase of last.fm, AOL, part of media giant Time Warner, has reportedly paid US$850m for Bebo, which claims a global membership of about 40 million users.

So whichever social networking site you prefer, rest assured that a giant American conglomerate now supports your messaging, photos and events calendar.