Yahoo Finance LeBron James' SpringHill gets $100M backing, names Serena Williams, Red Sox chairman to board
Los Angeles Lakers superstar LeBron James and his longtime business partner Maverick Carter raised $100 million, combined their three media companies to make SpringHill Company and named a board of big names including Serena Williams and Boston Red Sox chairman Tom Werner, Bloomberg reported.
The money was acquired in March, but announced this week.
James gets $100M from investors
James and Carter formed the new company on March 11, the day the NBA suspended its season, by putting together SpringHill Entertainment, Uninterrupted LLC and the Robot Company, a marketing agency.
It came after acquiring $100 million in backing from major investors that include financial services companies Guggenheim Investments and UC Investments, Jason Stein’s SC.Holdings and heir Elisabeth Murdoch.
Sister, which produced “Chernobyl” on HBO, is a non-financial backer, per the Hollywood Reporter, and will be a strategic partner for the company.
Board includes Williams, Red Sox chair
The board overseeing the new company will feature Serena Williams and Boston Red Sox chairman Tom Werner, per Bloomberg. The rest of the board is Apollo Global Management co-founder Marc Rowan, Live Nation Entertainment Inc. CEO Michael Rapino and Los Angeles investment banker Paul Wachter, who helped put the project together.
“This is ultimately a company that’s about point of view, the community you serve, and empowerment,” Wachter said via Bloomberg. “This is a company designed to move the culture.”
Investors Scott Minerd of Guggenheim and Murdoch, the heir to Rupert Murdoch’s media media empire.
James will be chairman of the board and Carter the CEO.
SpringHill to ‘empower’ underserved
James and Carter told Bloomberg the business has an “unapologetic agenda: a maker and distributor of all kinds of content that will give a voice to creators and consumers who’ve been pandered to, ignored, or underserved.”
“I’ve always wanted to use the platform of basketball to empower those around me,” James said, via Deadline. “Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches.”
Springhill Entertainment is behind the new “Space Jam” sequel starring James and titled “Space Jam: A New Legacy.” It’s also responsible for “The Wall,” a game show on NBC.
Uninterrupted, a production-marketing business, produces “The Shop: Uninterrupted” on HBO and “Kneading Dough,” a partnership with JPMorgan Chase & Co. It also does collaborations with Nike, including a Pride Month hoodie collection designed with Megan Rapinoe and Sue Bird.
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