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Bebo’s new owner said it would “retain a San Francisco-based headquarters” – but it won’t be Bebo’s existing building.
AOL (NYSE: AOL), whose CEO Tim Armstrong told staff Criterion Capital Partners will buy “substantially all of the assets”, is hanging on to Bebo’s office inside the six-storey building on 795 Folsom Street, we have learned from the company.
“The property will remain part of AOL’s portfolio of assets immediately post-sale and will continue to house the Bebo team for a period time,” a Bebo spokesperson tells paidContent:UK.
Will staff levels be reduced in the sale? “We anticipate that the new owner will extend offers of employment to as many of the existing Bebo employees as possible,” the spokesperson said. “We cannot be more specific than this at this time.
“As part of our earlier conversations with employees about this process, we committed to providing all Bebo U.S. employees a severance package regardless of the outcome of this strategic review.
“We did this to encourage employees to remain with Bebo until an ultimate decision was reached. The packages mirror the terms of AOL