Source Gets $17 Million Dollar Cash Infusion

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.