Yesterday the Associated Press reported that The Source has filed for bankruptcy:
Source Magazine LLC and affiliate Source Entertainment Inc. have filed for Chapter 11 bankruptcy after dishonest business practices by former management caused the hip-hop media outlet’s advertisers to flee, according to court papers.
Apparently on December 31st, the "company listed consolidated assets of about $1.3 million and liabilities of $35 million". Furthermore:
LP Harrison III, an attorney for Source, said the company plans to "exit bankruptcy as a reorganized entity."
So that’s all to the good rather than a statement of defeat, i.e., this should clear up some crippling debt and would then also give the investors some incentive to adequately fund the magazine’s operations.
The interesting part will be how the magazine rebounds editorially. Will the investors coming in ride the wave concerning negativity in hip-hop? Will rival pubs see a rise in popularity, and make the Source irrelevant?
We’ll have to wait and see, especially to see if they give me a job.
The interesting part will be how the magazine rebounds editorially. Will the investors coming in ride the wave concerning negativity in hip-hop? Will rival pubs see a rise in popularity, and make the Source irrelevant?
We’ll have to wait and see, especially to see if they give me a job.
FUCK THE SOURCE.IT TOOK ALL THIS TIME FOR THEM TO FOCUS ON THE SOUTH.
D RAY, it’s a different crew. What might be more accurate is, hey, the new guys give a damn about the South.