Michael Arrington / TechCrunch:

AOL Buys Bebo For $850 Million  —  I’m not going to say that we told you so, but we told you so.  —  AOL has acquired social networking site Bebo for $850 million in cash.  AOL CEO Randy Falco (left in picture) sent an email to all AOL employees this morning.  Allen Stern’s press call notes are here.