Social networking sites have now drained over $1.5 billion from the wallets of big media investors, with the latest loser being AOL over its loss-making investment in Bebo.
AOL, which had acquired Bebo just two years ago for $850 million, last week sold out of the site for a price that is rumored to be less than $10 million.
The BBC called AOL's investment in Bebo “one of the worst deals ever made in the dotcom era.”
This is just the latest in a string of losses from media investments in social networking, The Guardianreported.
Rupert Murdoch's News Corp last year took a $450 million impairment charge on its $580 million investment in MySpace from 2005.
UK broadcaster ITV meanwhile paid £175 million ($258 million) for Friends Reunited in 2005, then sold it in 2009 for just £25 million.