Renren Finally Offloads Its Facebook-Style Social Network

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By Tang Ziyi / Nov 14, 2018 12:26 PM / Business & Tech

Renren.com, the Facebook-style social network that fell out of fashion a few years ago, is even more of a ghost town now.

Renren Inc. announced on Wednesday that its subsidiary has agreed to sell all assets of its formerly popular social media site, renren.com, for $20 million to Beijing Infinities Interactive Media.

As part of the sale, Beijing Infinities’ parent company, Infinities Technology, has agreed to issue $40 million worth of shares to Renren.

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