Jay-Z to buy The Source!?

[j_shady]

It looks like Jay-Z might be looking to get into the magazine business.

President Carter is considering making a joint bid for The Source. Jay is rumored to be teaming up in the bid with two top music executives, Warner Music Group's Lyor Cohen and Interscope's Steve Stoute, according to two former employees of the magazine and a source at Def Jam Records. Rumor has it that Russell Simmons might also be interested.

It's unclear whether they would try to acquire the magazine directly from owners David Mays and Ray "Benzino" Scott or try to buy out the $18 million in debt claimed by Textron Financial Corp.--The Source's biggest creditor--in hopes of taking control in the event of a bankruptcy proceeding. Other interested parties, include rival XXL owner Harris Publications.

A spokesman for The Source declined to say whether it had been approached about a sale, but said, "Dave and Ray own 82 percent of The Source. Anybody who would want to make a deal would have to come to them."

While having Hov and two other music executives running a music magazine would present certain obvious conflicts of interest, The Source is no stranger to that issue: Scott has received coverage in the magazine for music he's released as Benzino.

A spokesman for Stoute would not comment on the rumor, while representatives for Jay and Cohen could not be reached for comment.

In other Source news, the mag is currently facing legal action from its landlord and major creditor for failure to pay rent and loans.

(source: SOHH.com)

[j_shady]

:unsure: really ... props for the new.. u should be news poster lol

nah, i dont wanna take Alyssa's job

[j_shady]

nah, i dont wanna take Alyssa's job

lmao is she the only one? i though there were more of them...

yeah she's the only one, that has that title but you know everyone in here posts news..she's juss the official news poster

[j_shady]

oh i didnt even know... why is there only one thats pretty lame but umm w/e lol wifys got it so kool

why dont you nominate yourself to help her out and become a news poster too

[lord demon]

hope he buys it, I think if jay was the owner it would do better, and em would support it even... maybe

[shadysoulja]

if he does
he would bust benzinos ass and kick him off

[ShadyRox]

Hey, atleast a smart person will buy it...

[SNaKe]

yeah Jay should buy it then it get much better i think

[SemiShady]

jay should definately buy it. He has possible the best knowlege of rap. He would be a very good leader of the game

[shadysoulja]

jigga should have enough money to do that!!!!!

[Rapsoldier101]

I Reall Hope That Jay Z Buys The Source Than Maybe I'll Buy Them Again And Maybe They Will Be Fair When They Give Out Mics For Artists Albums

[Mike29]

Jay as owner of the source would be great !!

Will see what will happen

[Erick]

In other Source news, the mag is currently facing legal action from its landlord and major creditor for failure to pay rent and loans.

So...Is Jay helpin out or is this a hostile takeover ?
Wish I also had a mil and was about to double it....

[Spyro]

I Reall Hope That Jay Z Buys The Source Than Maybe I'll Buy Them Again And Maybe They Will Be Fair When They Give Out Mics For Artists Albums

yeh would b ace if he buys it, Benzino wouldnt have a leg 2 stand on, no mag, he cant rap... so hes fucked lol

[niknacks]

wow then the mag might acctually have credibility, then we could acctually see the new rappers coming up, not just the people benzino wants and people will get the mics they deserve