WASHINGTON (AP) — Radio One Inc. said Thursday it acquired niche social networking company Community Connect Inc. for $38 million to complement its radio, TV and online assets.
Community Connect owns and operates sites including BlackPlanet.com, MiGente.com and AsianAve.com and has more than 20 million members. The New York-based company employs about 100 workers, according to Radio One.
Upon closing of the transaction, Ben Sun, CCI's president and founder, will continue to run the company.
Rothschild Inc. acted as financial adviser to Radio One in connection with the transaction, while Bear, Stearns & Co. acted as financial adviser to Community Connect.
Radio One owns and/or operates 53 radio stations in 16 domestic urban markets.
peHUB Note: Community Connect had raised VC funding from firms like Comcast Interactive Capital, Dominion Ventures, ConnectCapital and Jump Ventures.