CommunityConnect, one of the oldest social networks around which has been focusing 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.
Rothschild was the banker for Radio One; Bear, Stearns was the banker to Community Connect.
By Rafat Ali