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 56.com 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 56.com 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 56.com, will join Renren's management team as vice president.