Rumor has it that Jay-Z is ready to dive into the magazine world with a bid for The Source Magazine. Co-bidders for the mag include Lyor Cohen, CEO of Warner Music Group and Steve Stoute owner of Translation Consultation & Brand Imaging. There is buzz that Russell Simmons plans to hop on this bidding bandwagon as well.
Speculation still exists on how the deal will go down. Option one is to acquire the magazine directly from owners David Mays and Ray "Benzino" Scott, whose share of The Source is 82%. Buying out the $18 million debt claimed by Textron Financial Corp is Plan B for the trio. Either way, the purchase of this periodical is sure to produce controversy, which is no stranger to The Source. Check out 'the source' of the magazines prevoius monetary mishaps.