Is Jay Z Buying Hot 97?

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Jay-Z attends the Armand de Brignac 'A Taste of Gold' party hosted by Jay-Z and the editor of GQ Magazine Dylan Jones at Automat on July 2, 2008 in London, England. 

Jay Z is reportedly part of a group in negotiations to purchase New York radio station Hot 97, according to

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The website cites an unnamed "rock solid source" as saying the hip-hop mogul is part of a consortium that's in discussions to buy the legacy radio station. New York Knicks star Carmelo Anthony is also reportedly also part of the group involved in the negotiations. 

WQHT Hot 97 is currently owned by Emmis Communications and is one of its flagship radio properties. Its DJ personalities include Ebro, Peter Rosenberg, Miss Info and Funkmaster Flex.