The SpringHill Company, the consumer and entertainment business created by NBA star LeBron James and his business partner Maverick Carter, is selling a minority stake to a group of investors including Nike Inc., Epic Games Inc., Redbird Capital Partners and the owners of the Boston Red Sox.
The deal values the business, created last year by combining three existing companies founded by James and Carter, at about $725 million, Los Angeles-based SpringHill said in a statement today. The pair will remain chairman and CEO, respectively, and retain a controlling interest.
SpringHill, named for the apartment complex James lived in as a teenager in his native Akron, Ohio, has produced TV shows, podcasts and movies, including this year’s “Space Jam: A New Legacy,” in which James starred. It also produced HBO’s “The Shop: Uninterrupted,” a talk show featuring James in a barbershop, and the recent Netflix documentary about tennis star Naomi Osaka. The share sale will fuel SpringHill’s ambitions into areas including fashion and gaming, Carter said in an interview.
“We’ve gotten real traction and understand that the emotion and feeling of empowerment is needed,” he said. “Now we’re taking it to product and experience and really expanding it.
The new investor group leverages a number of long-standing relationships. James has endorsed Nike products since 2003, and Carter worked at the shoe and apparel giant before going to work with his childhood friend full-time. The pair teamed up with Fenway Sports Group — owners of the Red Sox and Liverpool FC — in 2011 and ultimately became minority owners of both of those clubs through FSG. James also recently agreed to have his likeness integrated into Epic’s popular Fortnite game.
Source: eNCA
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