1 July 2013 - 10:33pm | posted by | 0 comments

Bebo founder Michael Burch claims to have repurchased the site for $1m

Bebo founder Michael Burch claims to have repurchased the site for $1mBebo founder Michael Burch claims to have repurchased the site for $1m

Bebo founder Michael Burch has revealed that he has bought back the ailing social media platform for $1m, having sold it to AOL just five years ago for $850m.

In a tweet, Burch announced that he had repurchased the site with a tweet that read: "We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying..."

Burch launched the social media site eight years ago before selling it to AOL, which in turn sold it onto CCP in 2010 for under $10m, while Facebook grew into a billion dollar property.

In April the site filed a bankruptcy motion and entered receivership before apparently being purchased by its founder.

Don't miss out... Get your Social Media news by email

See all specialist newsletters

20 related companies from Profile Hub, The Drum's modern marketing directory:

Be the first to comment on this article: sign in or register.

Latest Projects from the Profile Hub

AVCA - The heart of African VC and PE

19/09/2014
The African Private Equity and Venture Capital Association...

BWP gets colourful with K3

18/09/2014
K3 approached BWP Group to help them design and build a...

dlc - Responsive website

17/09/2014
dlc is the UK’s leading, independent debt recovery firm,...

Ecommerce Solution for B2B and B2C Retailer

16/09/2014
Talking Tables provides high quality party decorations for...

Peak Scientific Innovation - Brand Communications for US Market

16/09/2014
Peak Scientific is a leading Scottish gas generator...