Giant magazine said on its Web site today that it has been sold to Radio One Inc. for a mere $275,000. The magazine was launched in 2004 as a men’s lifestyle mag, but was redesigned in August of last year as a urban lifestyle and entertainment magazine. According to Radar online, Giant founder Jamie Hooper started the publication with a $10 million investment from his venture-capitalist father-in-law Mort Myerson.

The publication had a circulation of about 250,000 and annual revenues of $7 million as of September 2005. More recent circulation and revenue data was not available. Under the terms of the deal with Radio One, Giant editor-in-chief Smokey Fontaine gets an owner’s stake in the publication and will become its CEO while retaining day-to-day editorial oversight of it.