Beijing Infinities Interactive Media Co., Ltd. (“Infinities”) announced that an agreement has been reached with Renren Inc.RENN, +1.97% (“Renren”) to acquire all tangible and intangible assets of and its related SNS, online-streaming and value-added businesses. Renren.com will become a significant component of Infinities’ AI media matrix, serving 350 million young end-users in China totally.
According to the agreement, Infinities will strategically acquire Renren’s SNS business, which includes Renren.com, a leading social networking platform in China, Renren online-streaming, and other related businesses. By 31 March 2018, the MAU of Renren’s social networking platforms was approximately 31 million.
“I have great confidence in the two young founders of Infinities and their model of media matrix,” commented Mr. Joseph Chen, Renren’s Chairman and Chief Executive Officer. “The development and integration of content and social networks is the future of social networking products. I am looking forward to the new development of Renren brought by my successors and their new productivity.”
Infinities is a leading AI media group in China, which applies technology to create content and combine multiple media platforms to attract end-users, building a media matrix based on mobile Internet. The company has strategically acquired media assets in games, comics and animation, e-sports, technology and other areas, having great advantages in the pan-entertainment area, and aiming to serve the 350 million young end-users in China. This characteristic of end-users is consistent with that of Renren’s, which means cooperation between the two companies will produce synergies in multiple dimensions.
First of all, the rich content of Infinities will bring fresh elements to Renren’s SNS business, new services to its users, and therefore, a higher level of activeness to its communities; furthermore, the SNS business will largely enrich the contents of Infinities’ media assets, strengthen its social aspects, and expand its network of data-distribution. It will combine its assets in games, technology, comics and animation, online-streaming, and social networking to serve the young generation. Thirdly, the acquisition of Renren’s online-streaming business is an important supplement to the business sector of Infinities’ media matrix. Online-streaming will be a basic service platform that connects every vertical business area of the media matrix; in the meantime, Infinities’ pan-entertainment media assets will be the new growth point of Renren’s online-streaming business.
After the acquisition, Infinities will also move a huge step forward in the media big data area. The data dimensionality built upon users’ habits will be richer, the efficiency of connecting users will be higher, and the experiences of users will be further improved – the whole media matrix will be more polished.
Wang Le, Infinities’ Chairman of the Board, commented, “The integration of contents and social networks is an important future tendency of the industry. We will seize the opportunity to serve the needs of young users, and leverage this opportunity of integration and development to better connect diversified contents and millions of users. By that, we will become the most influential media matrix among China’s 350 million young users. ”