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China's Renren buys video-sharing for 80 mln USD

09-27-2011 13:31 BJT

BEIJING, Sept. 27 (Xinhua) -- The takeover of, a website where users can upload, view and share videos, marked the first major acquisition by Renren since it went public on the New York Stock Exchange in May.

The deal is expected to completed in the fourth quarter, Renren said in a statement.

Renren is one of China's largest social-networking websites.

According to the agreement,'s co-founder and chief executive officer, Zhou Juan, will join Renren's management team and serve as the vice president.

The takeover of will help the company "further meet user needs of recording and sharing their lives through video format" on its social network, Joseph Chen Yizhou, Chairman of Renren, said in the statement.

In New York, the share price of Renren rose 1.52 percent to close at 5.35 U.S. dollars before the deal was announced.



Editor:Zhang Rui |Source: Xinhua

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