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

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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.

Renren, which is the closest social platform China has to Facebook, has around 30 million active monthly users and around 100 million registered users in total. The social network recently went public earlier this year, debuting on the New York Stock Exchange today under the symbol “RENN.”

Joseph Chen, Chairman and Chief Executive Officer of Renren, says that 56.com’s photo abd video sharing capabilities is complimentary to RenRen users’ social behavior. “We expect that the synergies and cross marketing opportunities between 56.com and Renren.com communities will further drive growth in user engagement, traffic, and advertising solutions to clients,” he explains in a release.

56.com has raised $30 million in funding from Sequoia, Steamboat Ventures, Adobe and others.