Sohu acquires ChinaRen in $30.8 million stock swap

Sohu.com has agreed to buy ChinaRen.com, a community web site for $30.8 million in stock as it seeks to beef up its interactive services.

Sohu.com, China's third-largest portal, has agreed to buy ChinaRen.com, a community web site, in a move Sohu says will make it the most popular portal in China, ahead of Netease.com and Sina.com, as measured by average daily page views.

Sohu will exchange 4.4 million shares, or 12.5% of the company for 100% of ChinaRen. The transaction values ChinaRen at $30.8 million, based on Sohu's closing share price Wednesday of $7.00. Sohu's Nasdaq-listed...

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