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Web 2.0 Weekly - June 22, 2010: "AOL Sells Bebo at Massive Loss"

Web 2.0 Weekly - June 22, 2010: "AOL Sells Bebo at Massive Loss"

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Published by David Shore
Deals (M&A, Finance)
AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.

Positive price performance
The Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.
Deals (M&A, Finance)
AOL is reported to have sold Bebo, the UK-based social network it bought just two years ago for $850 mm, to private equity firm Criterion Partners for under $10 mm. Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) for Bebo, and sold it for under $1 per UV.

Positive price performance
The Web 2.0 public company universe rose again this week, with 60% of companies seeing their market cap rise vs. 33% falling and 7% flat.

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Published by: David Shore on Jun 22, 2010
Copyright:Attribution Non-commercial

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10/25/2012

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www.mackieresearch.com
Web 2.0 Weekly
“AOL Sells Bebo For Massive Loss”
Copyright ©2000-2010, Mackie Research Capital Corporation, All rights reserved
June 22, 2010
David Shore, CFA, MBA 416.860.6784
dshore@mackieresearch.com 
Damian Wojcichowsky, CFA 416.860.7652
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer.For further disclosures, please see last page of this report.www.mackieresearch.com
 
www.mackieresearch.com2
Key Developments (past week)
Deals (M&A, Finance) –Bebo a Disastrous Investment for AOL
AOL is reported to have sold
Bebo
, the UK-based social network it bought just twoyears ago for $850 mm, to private equity firm Criterion Partnersfor under $10 mm.Based on our calculations, AOL paid the equivalent of $38 per Unique Visitor (UV) forBebo, and sold it for under $1 per UV.
Financial Results/Guidance/Partnerships/Product
Multiplied Media (TSXV:MMC)
announced it would be adding Telus Live Agents to itspopular location-based search application, Poynt
Mobile Data Corp. (OTCBB:MBYL)
reported unaudited earnings results for the thirdquarter and nine months ended April 30, 2010. For the quarter, the company hasreported net loss of $24,096 compared to $20,504 for the same period a year ago. Forthe nine months, the company has reported net loss of $137,531 compared to $129,675for the same period a year ago. Net cash used in operations was $84,802 compared to$69,666 for the same period a year ago.
 
www.mackieresearch.com3
Public Company Data

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