"The young, highly active user base, revenue history, presence in countries throughout the world and solid technical infrastructure make it an attractive media platform both as a standalone entity and in the context of our broader investment objectives," said Levin. "Criterion Capital Partners are specialists in facilitating growth plans and turnarounds, and are well placed to drive Bebo's effort to strengthen its foothold within the highly competitive social networking arena," said Tim Armstrong, Chairman and Chief Executive Officer, AOL. Bebo launched in 2005 and was acquired by AOL in March 2008 for $850 million.