LeBron James continues to have the golden touch. He’s so rich that sports analysts have said he should take a pay cut to help out the Lakers’ salary cap. The ambitious basketball superstar doesn’t appear to be listening, but he’s still making bank.
King James’ Springhill Co. Hollywood entertainment company raised $100 million in 2020. A new private-equity investment has now come along that includes money from Nike, Fenway Sports Group, and Epic Games, creators of the wildly popular Fortnite.
Rumors of big investments coming to Springhill have been floating around since the summer. The release of Space Jam: A New Legacy and various other production projects have clearly drummed up further interest. Now a deal has finally been finalized.
Financial details of the deal are sparse at this time. The Los Angeles Times reports that sources familiar with the monster deal says that RedBird Capital and their investment group plan to put a nine-figure investment into the company. LeBron James will continue to serve as the firm’s chairman.
LeBron’s long-time associate and childhood friend, Maverick Carter, serves as CEO of the company. He told the Times that the investment will help to build the infrastructure needed to create the projects their creators want to work on.
“We’ll be able to finance our own projects. We’re going to build up our physical production arm so we’ll be able to finance and control the production of the things we make, so when we talk about empowering creators, we can really leave creators in control.”
According to Carter, the company projects to make over $100 million in revenue in the next year. That would be a 67% increase over the previous pandemic-affected year. SpringHill recorded about $60 million in sales over that period.
Media companies are chomping at the bit for quality content. This is particularly true in the streaming world. Companies like NBC Universal, Netflix, Paramount, and Warner Media face a bidding war for new content. It’s a great time to be in the production industry, because so much money is on the table. Customers who are looking for something fresh and new will have a lot to look forward to from LeBron and company in the future.
Are you excited to see some of LeBron James’ new productions? Let us know in the comments!