Renren gets into online videos
Beijing-based Renren, a Chinese social networking internet platform has announced the acquisition of online video sharing site 56.com. The value of the acquisition will be $80 million and is expected to complete in the fourth quarter of 2011. Since inception, 56.com has received venture backing from firms including Sequoia Capital, Steamboat Ventures, CID Group, and SIG.
27 September 2011•3 mins read
