WASHINGTON--(BUSINESS WIRE)--Radio One, Inc. (NASDAQ:ROIAK - News and ROIA - News) today announced that it has acquired the social networking company, Community Connect Inc., for a transaction price of approximately $38 million dollars.Community Connect Inc. (CCI), which owns and operates a number of social-networking brands under its umbrella including BlackPlanet.com, MiGente.com, and AsianAve.com, is the leading online niche social-networking company. With over 20 million members it is the 4th most visited US social networking property/publisher. (Hitwise January 2008).
"CCI is an innovator and pioneer in social networking," says Alfred Liggins, III, Radio One’s CEO and President. “We believe that they are a great complement to our existing radio, TV, and online properties.”
This acquisition is another example of Radio One, Inc.’s continued strategy of diversification outside of the radio broadcasting space in order to deliver a more holistic approach to targeting African Americans. Radio One purchased GIANT, a magazine targeting Urban consumers, in December, 2006 and has an interest in the African-American targeted cable network, TV ONE. This acquisition gives Radio One a strong foothold in the ever growing social networking and multicultural online space.
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