Renren to Buy Video Site 56.com

(Beijing) -- Renren Inc. (NYSE:RENN), a Chinese social networking company modeled on Facebook, said on September 27 that it will purchase video-sharing website 56.com for US$ 80 million.

The deal, the first major acquisition of Renren since its debut in May on the U.S. market, will be finalized before the end of the year, said the company.