This just in: AOL will acquire Bebo for $850 million in cash. The official announcement is here, and there is already some reaction trickling in on Techmeme. More details will be posted to the front page of the Industry Standard later today. (Update: Here's the first AOL/Bebo report from the IDG News Service)

Interestingly, Industry Standard prediction market member Larry Kubal, the managing director of Labrador Ventures, correctly predicted that the UK-focused social network would be acquired by April 1. The prediction has now been closed. The market backed Larry's prediction; the community consensus never dropped below 50% and it reached 60% at one point.

Larry's other predictions can be seen on his profile.

Related news, commentary, and predictions:

• Prediction: Tivo to be acquired
• Prediction: Google acquires Plaxo
• Prediction: Dell gets acquired
• Prediction: EA acquires Take-Two Interactive Software
• Analysis: AOL's new strategy: Quantity over quality?
• News: AOL opens AIM, for real this time, with Open AIM 2.0
• News: AOL to buy Bebo for US$850 million

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