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Renren buys out online video site 56.com

(Chinanews.com)

14:48, September 27, 2011

Edited and Translated by Ma Xi, People's Daily Online

Chinese social networking platform Renren Inc. announced today it will acquire China video-sharing site 56.com for 80 million U.S. dollars. This transaction is scheduled to be completed in the fourth quarter of this year. Zhou Juan, the founder and CEO of 56.com will be appointed vice president of Renren Inc.

56.com, founded in 2005, is a leading video-sharing website in China. It provides services like uploading, saving and sharing to its users. Most videos on this website are uploaded by amateur groups or video fans.

Chen Yizhou, the president and CEO of Renren Inc., said 56.com has many users who love video creation. "Renren and 56.com will cooperate closely after this acquisition to meet our users’ needs," he said. The web traffic of Renren and 56.com will increase at a new level.

Zhou said that because of Renren's powerful user base as well as its resources and experience in social networking, mobile internet and social e-commence, 56.com can improve its attractiveness to users.

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