Radio One Acquires Community Connect Inc
Radio One, Inc. (NASDAQ:ROIAK and ROIA) has acquired Community Connect Inc. for a transaction price of approximately $38 million. Community Connect Inc. (CCI), which owns and operates a number of social-networking brands under its umbrella including BlackPlanet.com, MiGente.com, and AsianAve.com, is the leading online niche social-networking company. With over 23 million members CCI is a ComScoreTM Top 50 Social Networking web publisher and category leader for building niche online ommunities/destinations for US ethnic groups.
This acquisition is another example of Radio One Inc.'s continued strategy of diversification outside of the radio broadcasting space in order to deliver a more holistic approach to targeting African-Americans. Radio One purchased GIANT, a magazine targeting urban consumers in December 2006 and has an interest in the African-American targeted cable network TV ONE. This acquisition gives Radio One a strong foothold in the ever growing social networking and multicultural online space.
Upon closing the transaction, current president and founder Ben Sun will continue to run CCI and will report to Tom Newman. Community Connect Inc. has approximately 100 employees and is headquartered in New York City.
This acquisition is another example of Radio One Inc.'s continued strategy of diversification outside of the radio broadcasting space in order to deliver a more holistic approach to targeting African-Americans. Radio One purchased GIANT, a magazine targeting urban consumers in December 2006 and has an interest in the African-American targeted cable network TV ONE. This acquisition gives Radio One a strong foothold in the ever growing social networking and multicultural online space.
Upon closing the transaction, current president and founder Ben Sun will continue to run CCI and will report to Tom Newman. Community Connect Inc. has approximately 100 employees and is headquartered in New York City.
Contact: Peter D. Thompson, Radio One, Inc, EVP and CFO
http://www.blogger.com/ 301-429-4638
_____________________________________________________________________ Radio One, Inc. (www.radio-one.com) is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners. Pro forma for recently announced transactions, Radio One owns and/or operates 53 radio stations located in 16 urban markets in the United States. Additionally, Radio One owns Magazine One, Inc. (d/b/a Giant Magazine) (www.giantmag.com), interests in TV One, LLC (www.tvoneonline.com), a cable/satellite network programming primarily to African-Americans and Reach Media, Inc. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner.
posted by Norris McDonald at 2:04 PM
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