Radio One Buys Social Networking Firm
April 11, 2008 at 5:13 AM (PT)
RADIO ONE has acquired the social networking company COMMUNITY CONNECT for $38 million to expand its presence on the Internet, reports THE WASHINGTON POST. COMMUNITY CONNECT, which has about 100 employees, owns and operates social networking brands including BLACKPLANET.COM, MIGENTE.COM and ASIANAVE.COM, RADIO ONE said in a statement.
The acquisition is part of RADIO ONE's strategy to diversify beyond radio to reach black audiences. COMMUNITY CONNECT, based in NEW YORK, has more than 20 million members, making it the fourth-most visited U.S. social networking property, RADIO ONE said, citing JANUARY data from HITWISE.
"We will be the clear #1 in the African American online space," CEO ALFRED LIGGINS III said in the statement.