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Media

Radio One & Ethnic Social Networking Acquisition (ROIAK, ROIA)

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By Douglas A. McIntyre Updated Published
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After the close this evening, ethnic media player Radio One, Inc. (NASDAQ: ROIAK) (NASDAQ: ROIA) announced it was acquiring a social networking company called Community Connect for around $38 million.  Interestingly enough Radio One has a mere market cap of $143 million.

The good news is that does diversify Radio One away from radio, as the company has been trying to do.  The exact terms were not disclosed.  Back in the day, this would have been a huge gain.  Hopefully Radio One can monetize the social networking theme better than others have. 

Community Connect Inc. is an online community destinations for US ethnic groups with the three largest niche-targeted communities: AsianAvenue.com, BlackPlanet.com and MiGente.com.  This notes that it has some 20 million members.

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Radio One’s trading range for the more active ROIAK shares over the last 52-week sis $0.99 to $7.73.  Shares closed at $1.50 today.

Jon C. Ogg
April 10, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at [email protected] and he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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