LeBron James and Maverick Carter’s SpringHill Company is now valued at an estimated $725 million after Nike, Epic Games, RedBird Capital Partners, and Fenway Sports Group all acquired minority stakes in the entertainment development and production company.
“SpringHill’s mission is empowering greatness in every individual,” said Carter, SpringHill’s CEO. “We started this company with the tagline ‘More Than an Athlete’ which still defines everything we do to this very day. We are an incredible team of athletes, artists, writers, designers, musicians, and countless other creators.”
Existing shareholder UC Investments will increase its investment as a result of the recent deal. According to terms of the deal, RedBird will provide SpringHill with nine figures’ worth of funding and resources, Fenway will strengthen the company’s brand relationships while pursuing new opportunities, and Nike and Epic Games will expand their existing partnerships with SpringHill. Carter and LeBron, who serves as the company’s chairman, will maintain their controlling interest.
“We’ll be able to finance our own projects,” Carter added. “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, SpringHill is expected to surpass $100 million in revenue within the next 12 months, up 67 percent compared with the last 12 months. The company, which is behind HBO’s The Shop and this past summer’s Space Jam: A New Legacy, has an upcoming lineup of projects that include a reboot of the comedy film House Party.