Radio One has acquired social networking company Community Connect Inc. for $38 million.

With combined user base of over 23 million, Radio one will be gaining several established sites which include Blackpanet.com, MiGente.com and AsianAve.com. The sites are monetized with banner ads and stand-alone deals, like integrated sponsorships.

According to Black Enterprise, BlackPlanet.com was rated the most popular social networking site targeting a multicultural group in 2007 and the fourth most popular social networking site overall by New York-based market research firm Hitwise. Company executives hope Radio One’s clout will propel the site even further.

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Radio One’s CEO and president - Alfred Liggins, III

“We believe that they are a great complement to our existing radio, TV, and online properties.” said Alfred Liggins, III.

Radio One (NASDAQ: ROIA) owns and operates 69 radio stations in 22 American cities. Its stations primarily target African-American and urban listeners.