The hip-hop blogosphere is jumping all over a report from MediaTakeout.com that Jay-Z is putting together a group to acquire “Hot 97” WQHT New York from Emmis.

According to a ROCK SOLID SOURCE – Shawn “Jay Z” Carter along with a group of investors that includes NY Knicks star Carmelo Anthony are currently NEGOTIATING TO BUY Hot 97 radio station. Talks are still early, but we’re told that both sides have HIRED LAWYERS and INVESTMENT BANKERS – and are serious in getting a deal done.

The post claims that the sale rumor is the reason behind WQHT’s Funkmaster Flex ranting about Jay Z on-air earlier this week. But there are so many holes in the post that its laughable. Why would a company of their size, one that has made multiple deals need to hire lawyers and bankers to sell one station? Why would Emmis sell what in many ways is their flagship station, especially in a market that is very important in their goal of getting their FM chip into more mobile devices? The entire report sounds like grasping for attention, which I suppose we’re playing into. But that does appear to be what MediaTakeout does best.

Emmis, owning WQHT, Urban AC sister 107.5 WBLS, and “Power 106” KPWR Los Angeles, operates quite arguably the three most important radio brands in Urban media. Bringing Jay Z on as an investor to help promote the brands and the Nextradio chip/app would be quite a coup as Emmis returns to growth mode following its previous asset sell-off. Perhaps that’s a form some deal between Jay Z and Emmis could take, but at this point, it is just as likely Taylor Swift will be acquiring iHeartMedia.