Source Magazine, once dubbed the Bible of Hip-Hop Music, Culture and Politics, is revived and ready after emerging from bankruptcy last week, (despite recent speculation suggesting otherwise).
According to reports, magazine is restarting with a clean slate after being over $30 million in debt, over 60 lawsuits, and a ton of other liabilities due to slip ups within their management. “With the conclusion of the bankruptcy process, The Source is now well-positioned financially and poised for growth,” said Jeffrey Scott, who is the Chairman of the Board of The Source as well as a Managing Director of Black Enterprise/Greenwich Street Corporate Growth Partners, the company’s majority owner.
Jeremy Miller, CEO and President of the magazine, said, “The Source belongs to hip-hop. The company exists to serve hip-hop. The Source will continue to empower its readers, advertisers and other stakeholders to achieve their goals—be it promoting an album or a product or just raising a voice to reflect the mood of the culture.” The magazine will be published every month and they are also engaged in other brand building endeavors. The magazine’s two founders, Dave Mays and Raymond “Benzino” Scott, were fired in early 2006, and have “absolutely no ownership in or affiliation with The Source,” said the magazine in a statement.
Earlier in the year, they filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Manhattan. According to documents, converted and consolidated a previous Chapter 7 filing and listed assets of about $1.3 million as well as liabilities of over $30 million. According to court documents, the bankruptcy was a result of “dishonest business practices by former management causing the hip-hop media outlet’s advertisers to flee.” As they re emerge, The Source thanked their consist supporters for sticking with them “during its most troubled hours” and “looks forward to working with the greater hip-hop and entertainment communities to make things better for all.”
Nas will grace the cover of their special year-end issue.
COMMENTS
first
na let me stop ..i dont really like the source cause the way they rate other peoples albums is all wrong
i like the source and im glad benzino lame ass gone but yea they do be fucking up on rating the albums
lol @ firing the founders thas some sad ass shit . im a XXL reader baby !
benzino fukd em up they really jus now recoverin 4rm all dat money he used
hell yeah he did. but XXl is what i read more. they always been hott!!!
the source fell off when they gave eminem 4 mics
Lol...word
He was crazy pissed about it too..funny shit
they shoulda gave him 5
cosign eminem is one of the best lyricists in the game
XXL all day
I agree with NoVADc23 by the way your avatar is a good drawn one, right there.
Too me tho XXL killed the Source back in 2000,niggaz didnt stand a chance against em.
And too me they`ve fell off big steps,shit aint the 90`s no more you gotta be better.
Make sure ya support Havoc`s new album Kush itz in stores now i believe
did they stop printing the source after that cuz i havnt seen it newhere. or are they gonna put it back on. or has it been going on the whole time just on some low shit????????????
source is garbage. shit lost all credability long time ago. eminem basiclly crushed that shit.
i got da oct issue of Source..ehh they might b comin bac da Banner article was supa fresh. But it still aint fuckin wit XXL
Wow, Eminem really fucked them up; Their Ratings of albums do suck.