Jay-Z May Bid on The Source Magazine

Rumour has it that Def Jam President Shawn "Jay-Z" Carter may be about to make a bid to buy The Source magazine. Women’s Wear Daily reported that Jay-Z, Lyor Cohen, CEO of Warner Music Group and Steve Stoute who owns his own company Translation Consultation & Brand Imaging, could be joining forces to make the purchase. According to recently published reports, Textron Financial Corp, The Source’s main creditor, made claims that the magazine is $16 million in debt. The company is seeking to take control of the magazine due to disputes over how the finances and company are being managed. Jay-Z, Cohen and Stoute, and magazine rival Harris Publications, who own XXL, may attempt to buy the magazine should the opportunity arise.

Source: AllHipHop

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