It comes in decision from the owner of AOL who is planning to sell or close down the UK-based social networking site Bebo.

Bebo which was once termed as a lucrative business venture was acquired by AOL for almost a $1bn in 2008 is doomed and considered as one of the worst-ever sought out acquisition.

The supposed reason for the phasing out of the social networking site is termed to be increasing popularity of Facebook, Twitter and other Microsoft and Google options.

It was reported by the employees of Bebo on April 6 who received a message stating, "Bebo, unfortunately, is a business that has been declining and, as a result, would require significant investment in order to compete in the competitive social networking space."

AOL was taken aback by Time Warner last December and since then is on a spree to dispose all loss-making or profit-light segments. At the moment the company claims to sell its ICQ messaging system.