‘Chinese Facebook’ Renren Inc. Goes Public

Here's today's look at the social media business, including a top China
competitor to Facebook and a new Google (NASDAQ: GOOG ) plugin to a new
Electronics Arts (NASDAQ: ERTS ) social networking game effort. Chinese Facebook
Goes Public: Renren Inc., the Chinese social network equivalent to Facebook,
announced on Friday that it has prepared an initial public offering to raise as
much as $584 million to fuel future expansion. Shares will sell between $9 and
$11. The company will go head to head with major Chinese web outlets like Baidu
(NASDAQ: BIDU ), Youku (NYSE: YOKU ) and others in a market that is flush with
newly public and profitable businesses . There is also great opportunity to grow
for Renren, which already has 160 million users. Facebook is blocked in China,
leaving the social network uncontested by Americas industry giant. Renren may
also become the first social network to go public (though its in a race with
LinkedIn for that distinction.) Bloomberg reported on Friday that Credit Suisse,
Morgan Stanley, and Deutsche Bank will lead the IPO. Plugin Transforms Google +1
into Facebook Like: Independent developer Crossrider has released an add on that
will alter Googles new +1 social networking too l into a Facebook Like button.
Announced in March, +1 represents Google (NASDAQ: GOOG ) efforts to embrace
social networking in its advertising business. Gmail and Google Account users
can click a button labeled +1 in Google search results. Contacts in that users
Google Account will then see that search result listed at the top of similar
searches in Googles signature engine. Crossriders tool meanwhile will transform
that button into the familiar Facebook Like button. The plugin works with
Microsoft (NASDAQ: MSFT ) Internet Explorer, Mozillas Firefox, and even Googles
own Chrome web browser. Loeb Named CEO of Electronic Arts Playfish: Electronic
Arts (NASDAQ: ERTS ) has hired a new CEO, Aaron Loeb, to head its social network
gaming subsidiary Playfish Games. Loeb makes for an unusual choice given his
background in the more traditional console and PC game space with Planet Moon
Stuidos. EA acquired Playfish in November 2009 for $100 million. The companys
games support a following of 37 million users on Facebook alone. As of this
writing, Anthony John Agnello did not own a position in any of the stocks named
here. Follow him on Twitter at  @ajohnagnello and  become a fan of 
InvestorPlace on Facebook.