Rumor: Baidu to Acquire Renren Assets
TechWeb, 10/22/13
According to an industry insider, Chinese internet company Baidu (Nasdaq: BIDU) has reached a deal to acquire a package of assets from Beijing-based social networking site operator Renren (NYSE: RENN). Assets included in the deal have already been agreed upon, and will not include Renren's gaming business, the company's only profitable division. Renren has denied knowledge of the rumors, while Baidu has declined to comment.
Editor's Note: For more information on this topic, please see "Baidu to Take Controlling Stake in Nuomi," MD 8/23/13 issue, and "Rumor: Baidu in Talks to Acquire Ku6, 56.com," MD 10/16/13 issue.
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