Jay-Z To Buy The Source?

ImageIt 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.