AOL has announced that it is acquiring social network Bebo for $850 million in cash. Bebo has about 40 million members. Bebo is especially popular in the UK, Ireland and New Zealand and has over 100 staff across its London, San Francisco and Austin offices. In January 2008, Bebo had 22.4 million unique visitors worldwide with visitors averaging more than 3 hours and 30 minutes on the site during the month. 4.8 million unique U.S. visitors came to Bebo in February 2008. Bebo’s revenues for 2006 were $7 million with $3 million in EBITDA. In 2007 revenues were $20 million with $5 million in EBITDA.