Ethnic Social Network CommunityConnect Bought By RadioOne Networks For $38 Million
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.
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Social Media, communityconnect, radioone
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Comments (3)
Apr 17, 2008 12:47 AM
Rafat ali,
It is interesting that 419 appears in the url for this article about an african-american aimed social network and Radio one a respected radio network. So it seems like a little more than coincedence that 419 would appear, especially with the connotation of 419 a code name for black-african scammers.
Dude cut the slick shit and just write a decent article.
Regards,
Bryant
Apr 17, 2008 12:49 AM
Bryant
the 419 number appears in ALL of our stories on all of our sites, for reasons completely unrelated to what you mention. We need a random number in each link for a story, for reasons of search engine compatibility, and 4/19 happens to be the b’day of my wife..so we picked that two years ago as a number to use.
Rafat
Jan 10, 2009 11:43 PM
419 are scary!!! gosh those guys are nasty… youclash.com