LeBron James Gets $100M Investment for New Media Venture SpringHill
James and Maverick Carter formed the company after raising money in March
On the same day the NBA closed down its season, the league’s biggest superstar opened a new media venture with his longtime business partner after the pair were able to raise $100 million.
LeBron James and Maverick Carter formed the SpringHill Co. on March 11, a media company that will attempt to distribute content from “creators and consumers who’ve been pandered to, ignored, or underserved,” according to Bloomberg.
Investors backing SpringHill Co. include Guggenheim Partners, UC Investments, SC Holdings and News Corp. heir Elisabeth Murdoch.
“When we talk about storytelling, we want to be able to hit home, to hit a lot of homes where they feel like they can be a part of that story,” James told the publication. “And they feel like, Oh, you know what? I can relate to that. It’s very organic to our upbringing.”
With Carter as CEO and James as chairman, the new firm — which Carter calls a “house of brands” — merges the duo’s SpringHill Entertainment and Uninterrupted LLC along with a marketing agency called the Robot Co.
SpringHill already has 105 employees and its workforce is 64 percent people of color and 40 percent female. That is intentional as diversity is built into the company, according to SpringHill COO Devin Johnson. “I’ve never had to convene a task force,” he said.
Joining Carter and James on SpringHill’s board of directors are tennis star Serena Williams, Boston Red Sox chairman Tom Werner, Live Nation CEO Michael Rapino, Murdoch and Guggenheim’s Scott Minerd.
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