A series of 2,8-p-diaryldibenzothiophene derivatives were synthesized and characterized. These molecules have electron withdrawing or electron donating groups at the para phenyl position, which alters the electronic properties of these derivatives. The quantum yield, fluorescence lifetime, singlet, triplet and E HOMO energy levels of these compounds were determined by fluorescence, phosphorescence and cyclic voltammetry. A plot of Hammett constants of the para substituents vs E HOMO revealed a linear relationship. The usefulness of these molecules in organic light emitting diodes, OLEDs is discussed vis-à-vis the energy levels and properties.