Ray Benzino, the Chief Brand Executive and Co-owner of The Source magazine, has resigned from his position at the company today (April 8).
"If me leaving the source is gonna help the magazine then I'll do it," the rapper told AllHipHop.com."The Source is an institution and is part of history; I want my kids and grandkids to enjoy the No. 1 Hip-Hop magazine for all time."
“I want to step down from the magazine and sell my stock effective immediately,” the rapper continued in a statement.
The rapper explained that there were a number of reasons for his departure, including his beef with Eminem, politics and other nearby business partnerships.
“This is a big step for me. I’ve been consumed too much with the whole conflict thing… the Eminem suit and I am sick of it. I don’t want to take away from what The Source has built up, but I got issues with The Source and magazines like that. Everyone is too politically correct. They’re not thinking about the little guy who can’t afford to pay for high priced ads. It’s like a monopoly,” he continued.
He also took issue with mogul Earl Graves and his Black Enterprise publication, which partnered with The Source when it sought to strengthen its financial status.
“Our other partner, Black Enterprises, is another reason why I’ve decided to leave. I don’t like how they perceive me. There are too many things that I don’t agree with, so I am moving on.”
Finally, Zino stated that he expects to start a new publication – a direct competitor of The Source – that will be free of his previous constraints.
“I plan on creating another magazine that has my voice which represents the little guy. It’s because of the manipulation of SoundScan and radio that Hip-hop is losing its edge,” he lamented. “I want to come out with a magazine that will reflect that. I want to start from the ground up and speak for the artists.”
While he's starting a mag, a rep for the rapper stateed that he has no beef with his former publication. "They're still cool," the rep told AllHipHop.com and revealed that the rapper and former partner Dave Mays would have a press conference today.
~ submitted by mako