Call it a case of serious buyer's remorse. Questions about AOL's purchase of the UK social networking site Bebo continue to persist, PaidContent.org reports, while Time Warner CEO Jeff Bewkes acknowledged that "the company may have overpaid" when spending $850 million for it.

This isn't the first time we've heard this—in fact, a lot of skepticism surrounded the deal at the time—but it's the first public acknowledgment from the Time Warner CEO himself.

Still, Bewkes defended the purchase, saying that "it would be easier for Bebo to monetize its traffic than it has been for other social nets, since much of the experience is based around rich media," the report said. He also indicated that this was a one-off deal, and that investors shouldn't expect similarly large acquisitions in the future.