AOL Inc will sell its Bebo social network site to private investment firm Criterion Capital Partners for an undisclosed sum, they announced on Thursday.

AOL has been aiming to streamline its business since Time Warner Inc spun it off last year. In April, AOL said it planned to either sell or close down Bebo, which it bought more than two years ago for $850 million.

The Wall Street Journal had previously reported that the sale would probably be at a small fraction of what AOL originally paid.

(Reporting by Ritsuko Ando; Editing by Lisa Von Ahn)