The Source Bankruptcy: How the Hip-Hop Media Got It All Wrong

I feel like I'm on a roll today, so I figured why not teach.

The subject at hand is The Source Magazine. Yes, that rag that Dave Mays and Ray Scott started, pillaged, then walked. The news came late last week that the magazine has filed Chapter 11 bankruptcy. Since I write for this rag as of this writing and once in a while cash checks from it (believe it or not, more $$$ than I've ever seen from Web work), I have to come to its defense.

Or rather, I have to attack the purposefully ignorant or those that lack thoroughness, which in this case happens to be all Web sites on record that write about Hip-hop, unfortunately, because they are misreporting facts by withholding information from their audience.

I'll make an example of HipHopDX.com, where a personal friend of mine, Starrene Rhett, wrote this story about The Source's (lack of) fortunes.

Now check out this story from the Associated Press story posted at Forbes.com. It includes the following line:

Harrison III, an attorney for Source, said the company plans to "exit bankruptcy as a reorganized entity."

While I don't claim to know everything (although I strive to everyday), I do know that a bankruptcy spells financial trouble, but by no means that spell an end to anything. Airlines, you know those, right? Well, they've been in bankruptcy a few times.

Same goes for publishing. I will go ahead and say on the record here that The Source will "excell and prevail," to borrow from Nas, with its current editorial leadership in place that includes co-executive editors Ryan Ford and Soren Baker.

Take my word for it.  Or take the Hip-Hop Web media's ... it's up to you.

- Slav Kandyba writes Hip-Hop Files, a Hip-Hop journalism column at ProHipHop.com.

*Update 5/8/2007

So perhaps I did rush to judgement a bit. AllHipHop's Roman Wolfe did include the aforementioned quote from The Source's lawyer. Still, it lacks background and pertinent questions that need to be asked about what bankruptcy is and how it affects The Source.

Comments

[Clyde Smith]

Given that ProHipHop is technically hip hop media, "all" seems a bit broad.

Especially since I recently noted The Source bankruptcy as most likely a positive move.

That said, teach on!

[Omar Gonzalez]

I Think Ryan will get the Magazine back to where it once was, I personally know Ryan and can say he's a forward thinker and the plan is probabbly already in motion, you know.
Bring back the source stronger Ryan!
O.