Source Enterprises,
which publishes The Source Magazine as well as produces a variety of television
shows, secured a $17 million cash infusion from Black Enterprise/Greenwich Street
Corporate Growth Partners, which is sponsored by Citibank and Black Enterprise
head, Earl Graves.
The money will be used to launch a variety of
new publications being developed by The Source, including a magazine targeting
females and another targeting children. The Source will also put out a one shot
on newsstands titled The Source Style. The Source CEO Dave Mays said in published
reports that he is attempting "to build the AOL of the Hip-Hop generation."
Until this investment, The Source had been self financed.
The magazine will also branch into radio. Next
month "The Source Street Beat" will begin broadcasting over radio
airwaves across the country. The Source Street Beat will be a three hour nationally
syndicated radio show.