Social Networking site Migente.com’s parent company Community Connect Inc., which also owns Black Planet and Asian Avenue was bought on April 11 for $38 million.

BlackPlanet has 20 million members and was the fourth most-visited U.S. social networking site last year, according to Hitwise.

While the exact valuation of Migente in the deal is not known, it is clear that the crown jewel of this deal is BlackPlanet.com, which is the only website targeting the multicultural community that ranks in the top ten most visited social networking sites.

For its part, Radio One says that its purchase of CCI is meant to diversify outside of radio broadcasting, and cash in on social network advertising revenues, which E-marketer predicts will reach $4.1 billion annually by 2011.

Related Article: Hispanic Social Networking Sites Take Off (Apr. 2007)

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