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April, 14th 2008

RADIO ONE BUYS SOCIAL NETWORKING CO.: Deal, worth $38 million, gives company ownership of BlackPlanet.com and others sites.

*Radio One made a power move last week with its $38 million acquisition of social networking company, Community Connect Inc. (CCI), which owns and operates BlackPlanet.com and other social-networking brands under its umbrella.
With over 20 million members, CCI is the 4th most visited U.S. social networking property/publisher, according to Hitwise.
"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.”
The acquisition expands Radio One, Inc.’s diversification outside of the radio broadcasting space, which already includes the purchase of urban magazine Giant and African-American targeted cable network, TV One. The addition of CCI gives Radio One a strong foothold in the ever growing social networking and multicultural online space.
"This is a great opportunity to take CCI to the next level,” said Ben Sun, President and founder of CCI. “Radio One reaches over 20 million people every week in radio, TV, print and online giving us the opportunity to capitalize on cross-platform opportunities for our brands that will truly benefit our members and advertisers."

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