Bebo Shuns $550 Million Acquisition Offer

San Francisco based social network Bebo, which recently raised $15 million from Benchmark Capital, rejected a £300 million ($552 million) acquisition offer from British Telecom Group “a few weeks ago”, according to an insider on the transaction [via]

Just picked this up via Techmeme, had seen this coming, but it follows on from Murdochs purchase of MySpace. So I guess BT don’t want to be left behind by News Corp as they move into the content game. I was listend to the DSC a few days back too and heard that Mr Curry and Podshow has also been talking to BT, which makes it a pretty clear strategy that BT is trying to build a credible online content armoury to move away from it’s reliance on the inteligent network for revenue.

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