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Renren Acquires Online Video Site

PR Newswire Asia, 9/27/11

Beijing-based social networking site operator Renren (NYSE: RENN) today announced it has entered into a definitive agreement to wholly acquire Chinese online video site for USD 80 mln. The acquisition is expected to be completed in Q4 2011, subject to customary closing conditions.

"UGC videos have been increasingly popular amongst SNS users as natural extensions of communication and content sharing. The acquisition of will help Renren further meet user needs of recording and sharing their lives through video format on our social network," said Joe Chen, chairman and CEO of Renren.

Zhou Juan, co-founder and CEO of, will join Renren's management team as vice president.

Keywords: Zhou Juan Internet Joe Chen online video SNS Renren UGC RENN M&A

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