AOL is reviewing its assets as a part of the process of being spun off from Time Warner Inc. AOL could sell or divest from its assets after the review. But it is likely to keep its social networking site Bebo according to reports that mentioned CEO Tim Armstrong.

Armstrong told Reuters that Bebo still has “great value” and AOL will move it to a Ventures unit of the company to work on improvement of the site. The speculation of selling Bebo came up as the site lagged in popularity behind other social networks such as Facebook and Twitter.

Tim, a former Google executive, took the control in March. He is conducting a 100-day review of AOL operations.

AOL assets include celebrity news website TMZ and the AIM messaging service. It mostly relies on advertising revenue and so with the decline in the advertising revenue it is struggling. Its US search market share has dropped from 12 percent three years ago to about 4 percent.

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