This morning after AOL said it would spend $850 million to buy social networking site Bebo, I had a chance to chat with Ron Grant, AOL’s chief operating officer. What follows is an edited version of our conversation.
OM: Why Bebo?
GRANT: Bebo is one of the best social media companies out there. They are more than a one-dimensional company, and they have embraced their social media space. Three things attracted us — it is utilitarian and has a high level of engagement, its rich media aspect, and their ability to understand marketing and engagement marketing.

