Jay-Z interested in buying The Source


Rappreneur Jay Z and partners Lyor Cohen, CEO of Warner Music Group and Steve Stoute, CEO Translation Consultation and Brand Imaging is reported to be in talks to purchase The Source magazine.

Steve Stoute, who earlier this year spearheaded a $10 million investment by Will Smith, Jada Pinkett Smith, Jay-Z  and other big-name investors in a Brooklyn-based beauty line called "Carol's Daughter" founded by Lisa Price, has been behind a number of major deals in the hip hop world lately.

The partners apparently could try to acquire the magazine directly from owners David Mays and Ray "Benzino" Scott or buy out the $16 million in debt owned by Textron Financial Corp., The Source's biggest creditor who's seeking to take control of the magazine due to disputes over how the company is being managed.

Harris Publications, the publisher of XXL, is also said to be interested in purchasing the magazine should it become available.

Jay Z was also reported to be in talks with Russian Billionaire Roman Arkadievich Abramovich(networth:$13 billion) the 21st richest person in the world according to Forbes Magazine, to buy a stake in the 119 year old Arsenal soccer club.

Could Mr. Shawn Carter be the youngest black person to appear on the Forbes 400? With all these business moves Jay Z has made over the past year it is not that big a strech.


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