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Friday, April 11, 2008 | 1:08am
Radio One Purchases Black Planet’s Parent Company
The $38 Million transaction leaves much to be desired
According to a report from Black Web 2.o, CommunityConnect which had been up for sale since February has been purchased by Cathy Hughes and urban radio giant, Radio One for an estimated $38 million. Radio One currently ooperates 69 radio stations in 22 cities, and owns a 40% interest in TV One. CommunityConnect on the other hand is probably best known for being the parent company to African-American social network BlackPlanet, MiGente.com social networking platforms. AsianAve.com and the new GLEE.com for the Lesbian, Gay Bisexual and Transgender market).
Honestly I don’t understand the mindset on this one. I’m not the social network junkie but I feel like the ship has sailed a bit on BlackPlanet and MiGente despite a recent effort to revitalize the brands. Clearly CommunityConnect has nothing to gain here. On the other hand, Radio One’s radio stations are probably ecstatic allowing for tremendous expansion to their urban advertising initiatives. Its like gaining 16.5 million new people to your audience overnight. All in all its a questionable transaction at best.
FILED IN Business & Marketing, Web 2.0
Though most people feel BlackPlanet really ain’t hot anymore it is still a top 5 social network for users and traffic, which is pretty impressive considering since it targets a niche demographic.
It really was the first social network or am I mistaken?
I dont beleive so. I remember CollegeClub (which has fallen completely off the map) coming out sometime before that.
Honestly if you think about it Black Planet really gave the blue print for blogs. It was in that type of format.
I honestly don’t see this one either, and that’s probably because I lack a great feel for the social networks also.
As we all know, Cathy Hughes is a pretty shrewd businesswoman so perhaps she envisions something that’s not obvious to the naked I, at least not mines.
Very good point. Cathy is definately a beast. I wouldn’t doubt the hostile takeover on this one. In fact as I’m doing more and more research that’s what the more business blogs and radio analyst are saying. Good catch Shelia
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