Renren Inc. (NYSE:RENN) China's leading real-name social networking internet platform, announced that it has entered into a definitive agreement to acquire 100% of 56.com, a leading user generated content (UGC) online video sharing site in China. The consideration for this acquisition will be US$80 million in cash. The acquisition is expected to be completed in the fourth quarter of 2011, subject to customary closing conditions.

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