Media
Renren Relevance Fight: Acquires User Generated Video Site 56.Com (RENN)
Published:
Last Updated:
Renren Inc. (NYSE: RENN) is trying to prove that it has both clout and relevance. The company has announced the acquisition of all interest in 56.com, an online video-sharing site founded in 2005 which allows users to upload, share, and view videos.
The price tag is listed as $80 million in cash and the deal is expected to close this fall. This site is user-generated content and its content mix is said to be in performing artists, amateur groups, and video enthusiasts.
Renren is one of our most recent “most mispriced IPOs of 2011” and the company’s goal here in this acquisition is to “drive growth in user engagement, traffic, and advertising solutions to clients.” We have not been too nice to the company nor to its underwriters and this is an obvious aim for the company to show that it is relevant.
56.com claims to have received investments from venture capital firms such as Sequoia Capital, Steamboat Ventures, CID Group, and SIG.
So far investors are treating this as a win for Renren as shares are up about 5% around $5.65 in pre-market trading. Its post-IPO range is $4.96 to $24.00.
JON C. OGG
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
