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RenRen, the top Chinese social network, has purchased China-based video and photo sharing site 56.com. Reports state that the deal exchanged around $80 million.56.com was launched in 2005 and is a Chinese photo and video sharing site where users can upload, view and share videos — just like on YouTube. The almost all of the videos on the site are user-generated. The videos consist of mingling content from performing artists, amateur groups and video aficionados.Renren has more or less 30 [...]

Read More: Popluar Chinese Social Network Buys Video Site

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