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Yahoo has decided to pull the plug on its Mash social networking service, in what has been another failed attempt to compete in this rapidly growing market. The one-year old service was meant to be the follow-up to Yahoo 360, a previous attempt at creating a social-network from the millions of Yahoo users, but never truly made it out of beta.

Previously, in 2006, Yahoo was not able to close a $1.62 billion transaction with Facebook nor could they pull the trigger on a $1 billion Bebo deal. We should note however that the company’s part blogging and part search-based social networking tool, Yahoo 360, is still running and will remain unaffected – though it has failed to lure users away from top players Facebook and MySpace.