AOL May Spin Bebo Off Into Independent Company

Interesting off hand comment by AOL CEO Tim Armstrong at the Fortune event this morning . Bebo , the social network AOL paid $850 million for in 2008, wasn't mentioned on the list of AOL's core product goals going forward. Late in the interview, though, Armstrong was asked where Bebo fits into that strategy. His answer, roughly quoted "Bebo may be better off under AOL Ventures, with it's own P&L." Translation - AOL is looking to spin Bebo off into an independent company, and they'll retain an equity interest via AOL Ventures.