Friday, November 4th, 2005

Rumors of Jay-Z Buying The Source Circulating Again

Been receiving this news item from Women’s Wear Daily all morning: the rumor that Jay-Z is part of an investor’s group including Lyor Cohen and Steve Stoute seeking to acquire The Source is making the rounds again.

Here’s the question for the day: is this a potentially good thing for the magazine and hip-hop journalism in general? Or is it an ethical red-flag only slightly less troublesome than the mag’s current situation?

Damon Dash’s own investment in America Magazine wasn’t a smooth one. This fall, editor-in-chief Smokey Fontaine and Dash were reportedly having it out over control of the magazine, with Dash allegedly attacking Fontaine in an argument over a Sean John advertorial. The beef apparently continues, and Fontaine is looking for new backers.

posted by Jeff Chang @ 10:25 am | 5 Comments

5 Responses to “Rumors of Jay-Z Buying The Source Circulating Again”

beez says:

November 4, 2005 at 2:17 pm

It generally makes me uncomfortable to have label heads or recording artists owning magazines. Managers and agents are even more alarming media owners, but how is it any different from the original setup at Vibe or something like that?

I supposed its a moot point if like me you haven’t really read the Source for the best part of a decade but if it’s going to remain “the” Hiphop magazine in many peoples eyes it ought to be worth something. I can’t tell if Hov owning it would make it any better or worse. No wait, it has to be better than Mays and Benzino. Is better good enough?
ronnie brown says:

November 6, 2005 at 2:15 pm

foxes guarding the hen house.

In this era of deregulation and media consolidation, why should “Global Hip-Hop Ltd.” be any different?
beez says:

November 6, 2005 at 3:30 pm

Just cos it can be. Or could be. Jeff here’s general hypothesis is that theres a link between modern hopefuls/activists and our Hiphop music, but if we don’t even demand a free Hiphop press we don’t add up to much do we?
ronnie brown says:

November 6, 2005 at 5:47 pm

Methinks the watchword “be careful what you pray for, you just may get it” applies in this case…We got what we wanted; we wanted to get paid, and now we’re hooked on the check from the record company, the corporate sponser…now look at Hip-Hop…From Public Enemy, KRS-ONE to 1001 ways to see a bootie clap.
Brother OMi says:

November 9, 2005 at 8:19 am

whatever happened to editorial control? thats what happened at the Source where the actually owners of the magazine took creative control of the publication. This is not new but very unethical. One would think that heads like Jay Z would be understanding of this. then again, i take that back.

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