BlackPlanet Parent Community Connect Sells To Radio One For $38 Million

NY-based social networking firm Community Connect, which owns BlackPlanet, AsianAvenue, and MiGente, has been acquired by Radio One (ROIA) for $38 million. BlackPlanet boasts 20 million members and was the fourth most-visited U.S. social networking site last year, according to Hitwise.

Founder and president Ben Sun will continue to run Community Connect, which has about 100 employees. We reported last week that the company was in "serious negotiations" with an unknown buyer.

Earlier: Who's Buying BlackPlanet?

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