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CommunityConnect, one of the oldest social networks around (since 1996) which has focused on different ethnic groups, has been sold to a non-obvious buyer: Radio One, the radio network focused on African-American and urban listeners, has bought it for about $38 million. CC owns BlackPlanet.com, MiGente.com, and AsianAve.com, and says has over 20 million members. Ben Sun, CCI’s president and founder, will continue to run the company.
RadioOne has about 53 radio stations located in 16 urban markets in the U.S. Additionally, Radio One owns Magazine One, which owns Giant Magazine, interests in TV One, a cable/satellite network programming primarily to African-Americans and others.
Rothschild was the banker for Radio One; Bear, Stearns was the banker to Community Connect.