Post by Double~Hitz on Nov 7, 2005 18:27:53 GMT
It looks like Jay-Z might be looking to get into the magazine business.
Carter is considering making a joint bid for The Source. Carter would likely team 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 $16 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 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 a musician/music executive and two music executives owning 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 did not comment and representatives of Carter and Cohen did not respond to messages.
The magazine is also Source news the mag is currently facing legal action from its landlord and major creditor for failure to pay rent and loans.
Source: SOHH/Alexis Chase
Carter is considering making a joint bid for The Source. Carter would likely team 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 $16 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 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 a musician/music executive and two music executives owning 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 did not comment and representatives of Carter and Cohen did not respond to messages.
The magazine is also Source news the mag is currently facing legal action from its landlord and major creditor for failure to pay rent and loans.
Source: SOHH/Alexis Chase
