Chinese social network operator Renren Inc. Tuesday announced it will purchase the country's online video-sharing Web site 56.com for US$80 million in cash, Sina Tech reported.

The deal is expected to be finalized in the fourth quarter of this year, a Renren spokesperson said. Zhou Juan, co-founder and chief executive officer of 56.com, will join Renren.com as vice president.

Founded in 2005, 56.com enables users to upload, store and share videos online. The majority of videos on the site are originally produced by amateur performers and video enthusiasts.

"The online communication and sharing needs of Internet users have gone beyond words and pictures," Renren Inc.'s chairman and CEO Joseph Chen said. "They have become increasingly interested in sharing videos made themselves and communicating with friends via these videos. The acquisition of 56.com will help Renren.com users record and share their lives more conveniently on our social network."

Renren.com, China's closest analogue to Facebook, is the country's second largest social networking platform with about 100 million registered users. The company went public on the New York Stock Exchange in May of this year.

China's business press carried the story above on Tuesday.