BigLaw Partner Takes Over Hip Hop Source

Londell McMillan (Cornell BS ‘87, NYU JD ‘90) has an unbelievable resume.  He rejoined Dewey & LeBoeuf in 2007 as a partner and head of the firm’s Entertainment, Media and Sports Group.  Prior to that, he spent 10 years running his own shop, where he had clients such as Stevie Wonder, D’Angelo, Faith Evans, Spike Lee, and Wesley Snipes.  Profiled by Crain’s as one of Forty under 40 in 2001, he was just starting NorthStar Business Enterprises.  The company was designed to “form alliances between black entrepreneurs and mainstream businesses.”  One such deal he put together was the clothing line FUBU with movie studio Universal.

NorthStar has now taken control of hip hop magazine The Source.  The group bought a $3.75 million note and a large block of shares, giving it control of the publisher.  McMillan will serve as chairman or appoint someone to do it for him.  According to McMillan,

“The logic here was simply to reduce the Source’s debt burden, increase retained earnings for the growth of the business, avoid sale of any important content and assets that are all integral parts of the new media vision and business plan of new management.  This debt cancellation makes the Source the most financially attractive property in hip-hop and popular culture because it is now debt free and profitable.”

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