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Financial News Network
September 29, 2011 AT 11:15 AM
China's largest real-name SNS, Renren (NYSE:RENN), acquired 56.com. 56.com is a user generated content site in China.The company anticipates the acquisition to be completed by the Q4. In the current quarter, 56.com, with 66 million active users, had a net loss of $500,000.56.com's site would allow Renren to enter the rapid growing online video advertising market.Online video advertising market is going through tremendous increase due to steady acceptance by both multinational and local companies.In current quarterly filings, Youku (NYSE:YOKU) Tudou (NASDAQ:TUDO) and Sohu(NASDAQ:SOHU) reported 178%, 166%, and 150% year-over-year revenue growth equally in their online video units.For the moment, the three largest players account for approximately 50% market share, involving a significant growth potential for Renren to develop into a competitive player.