LeBron James' media company SpringHill Co. secures $100 million investment: Report

Los Angeles Laker star LeBron James and his business partner Maverick Carter stated announced that they will be starting a new media company SpringHill Co., which has received a $100 million funding round. Bloomberg Business reported that James formed the company on March 11, the same day the NBA was suspended due to the COVID-19 pandemic, but was made public only on this Thursday (Friday IST). James also announced the company via his Instagram post, which was shared by Carter. 

Also read | LeBron James media company sued by non-profit organization for copying 'More Than an Athlete' slogan

Maverick Carter and LeBron James media company SpringHill Co. raised $100 million from investors like Elisabeth Murdoch

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

Incredibly proud of today’s announcement! We started building this company almost five years ago and while I love every project we do and every story we tell…I’m most proud of our team and the message we are sending. Over 100 employees with 64% people of color and are 40% female in an industry that averages 25% (we will get to 50%). Our leadership team is a reflection of our entire organization. I want to thank everyone at The Springhill Company for believing in our vision! We closed this deal in March and I knew our work was going to keep getting more and more necessary. Let’s continue empowering others and striving for change and greatness. Some not pictured but surely not missing! We Are A Monster Team! 🚀👑

A post shared by LeBron James (@kingjames) on Jun 25, 2020 at 10:15am PDT

Also read | LeBron James media company to produce docu-series on infamous Astros cheating scandal

LeBron James and Maverick Carter raised $100 million for SpringHill Co. from investors like Elisabeth Murdoch

According to Bloomberg's report, SpringHill Co. merges James' marketing agency Robot Co. with two entertainment companies – SpringHill Entertainment and Uninterrupted LLC. SpringHill Entertainment has previously worked on TV shows like 'The Wall' and the upcoming sequel to the classic film SpaceJam. SpringHill entertainment's official Instagram account currently describes them as 'a media company with 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'.

While talking to Bloomberg, James stated that when they talk about storytelling, they want to create content that will be able to hit home. He added that he wants to tell stories that hit home for a lot of people, who feel 'they can be a part of that story'. The three-time NBA Champion also wants his audience to relate to the stories they show, something that will be organic to their upbringing.

Bloomberg further revealed that SpringHill Co. has already singed a TV production deal with Walt Disney Co. and are currently working with Netflix to make a basketball-centric film starring Adam Sandler.

Also read | LeBron James banked $700 million from Beats by Dre as a 'silent investor': LeBron James investments, LeBron James media company

LeBron James will be the chairman of the company, while Maverick Carter will be the CEO. As per reports, News Corp. heir Elisabeth Murdoch, Guggenheim Partners chief investment officer Scott Minerd, Serena Williams, Apollo Global Management co-founder Marc Rowan, Boston Red Sox Chairman Tom Werner, Live Nation Entertainment CEO Michael Rapino and L.A. investment banker Paul Wachter are a part of the board. 

Also read | LeBron James net worth, annual salary, accomplishments and LeBron James media company. Springhill Co., Maverick Carter net worth

Maverick Carter is LeBron James' childhood friend and his current business partner. Carter also founded LBMR, the company which manages James' promotions, marketing and publicity. As per Celebrity Net Worth, the Maverick Carter net worth is $15 million. As per Forbes, James' net worth is $450 million, which includes his career earnings, endorsements and Nike deal. 

(Image source: @kingjames official Instagram)