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| by kenn on 11/04/2005 06:31:00 PM |
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The Source
Source:
Shawn "Jay-Z" Carter may be making a bid to buy The Source magazine.
The rumor shouldn't be shocking to those close to the rumor mill, but the talk has steadily gotten louder, especially after music mogul Steve Stoute interviewed on Hot 97 yesterday (Nov. 3)
Women's Wear Daily reports that Jay-Z, president of Def Jam, could be joining forces with Lyor Cohen, CEO of Warner Music Group and Stoute, who heads up his own company, Translation Consultation & Brand Imaging.
Previous published reports have indicated that The Source is $16 million in debt, a claim made by Textron Financial Corp, the company's chief creditor.
The company is seeking to take control of the magazine due to disputes over how the finances and the company is being managed.
In addition to Jay-Z, Cohen and Stoute, magazine rival Harris Publications, who owns XXL, may also attempt to purchase the "bible of Hip-Hop" should it become available.
Interscope Records recently purchased a stake of Translation Consultation and Brand Imaging, which has matched Jay-Z with Reebok, Gwen Stefani with Hewlett-Packard, McDonald's with Justin Timberlake and Beyonce with Hilfiger.
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