AfroTech previously reported that LeBron James had a brewing financial venture in the works surrounding entertainment brand SpringHill Company. Now, the speculation is over as the company has revealed it has closed a minority stake sale to a consortium of investors reaching a valuation of $725 million, Variety reports.
Investors in James’ SpringHill Company — founded in 2020 by the NBA GOAT and Maverick Carter — include Nike, Fenway Sports Group, Epic Games, and RedBird Capital Partners.
“Maverick and LeBron have created an impressive media content platform led by a creative leadership team that has built a unique mission-driven brand,” Gerry Cardinale, founder and executive of RedBird, said in a statement. “Our partnership with SpringHill should enable us collectively to optimize that mission with scalable capital and a business building mentality that will continue to elevate more diverse voices and a drive towards greater empowerment.”
With the new investment, SpringHill Company will push forward to advance their business into more markets across the globe through IP development, commerce, content, brand consulting and live events, Deadline reports. Advancements will be aided with more merger and acquisition opportunities that will leverage content creation to engage with the creative community. SpringHill also plans to work alongside Epic — known for Fortnite grossing $1.2 billion upon its first ten months — to create a metaverse to craft unique user experiences and gaming opportunities.
Last year, AfroTech previously reported that “SpringHill Co. raised $100 million to help the company build up the next media empire committed to employing Black creators and prioritizing Black consumers.” According to CBS News, the company currently houses 141 employees (50 percent women and 67 percent people of color). Since its inception, it has created partnerships with the biggest names in the industry, including Netflix, HBO, Disney+, Apple+, CBS, NBC, ABC and ESPN.
SpringHill Company’s expansion plan will also feature a new documentary called ”Black Ice” in conjunction with Drake’s DreamCrew Entertainment to follow the lifestyle of Black hockey athletes.
The deal will allow current shareholders to increase their investments, and founders Maverick Carter and James will continue to spearhead company interests.
Terms and the size of the stake have not yet been disclosed.