Chinese Social Network Renren Buys Video Sharing Site 56.com For $80 Million

Chinese social network Renren has purchased China-based video and photo sharing site 56.com.The deal size is around $80 million, according to a release. Founded in 2005, 56.com is a Chinese video sharing site where users can upload, view and share videos, similar to YouTube. The majority of the videos on the site are user-generated, consisting of content mix from performing artists, amateur groups, and video enthusiasts.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/A6t1lloe3rg/

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