Renren.com plans to acquire 56.com!

The famous Chinese social networking site Renren.com is in the process of acquiring 56.com, the leading Chinese video website. The transactions are expected to be completed in the final quarter of the year 2011. According to the reports, the Renren.com expected to acquire all the stakes of 56.c0m for USD80 million in cash.

Employees of 56.com are expected to be integrated with Renren.com after the transaction. Chen Yizhou, the chairman and chief executive officer of Renren.com, told the acquisition will help to improve communication and sharing demands of users and help record and share their life on the Internet.