Radio One, Inc. has announced the acquisition of social networking company, Community Connect Inc., owner of BlackPlanet.com.

Island Def Jam Music Group (IDJ) and Procter & Gamble's TAG brand announce the formation of a new hip-hop record label, TAG Records.

Barry Diller's IAC has launched a new Ask.com powered search engine targeting African-Americans.

Apple Inc.'s iTunes music store has surpassed Wal-Mart to become the top music seller in the U.S.

Community Connect, which owns social networks BlackPlanet, MiGente, and AsianAvenue, is reported to be in "serious negotiations" to sell itself.