LeBron Sells Part Stake In 'SpringHill' For $725 Million

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LeBron James #23 of the Los Angeles Lakers
LeBron James #23 of the Los Angeles Lakers

Basketball superstar LeBron James on Thursday sold a stake of his video production company SpringHill to Redbird Capital Partners, Fenway Sports Group, Nike, and Epic Games for $725 million.

James and CEO Maverick Carter will remain the majority owners of SpringHill, which was founded in 2007.

The new investment will allow SpringHill to expand its existing businesses and explore new categories and global markets with the partners. 

Epic, creator of the video game "Fortnite," will “bring unique content to the metaverse," according to SpringHill.

“With this new group of investors who are the very best in their respective industries we are going to be able to empower our community and every creator to do their most inspiring work and achieve their most ambitious dreams,” said SpringHill CEO Maverick Carter in a statement.

A statement from Redbird Capital Founder Larry Cardinale read: "Maverick and LeBron have created an impressive media content platform led by a creative leadership team that has built a unique mission-driven brand. 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."

Some of SpringHill’s projects include “Space Jam: A New Legacy," and HBO’s “The Shop,” where the cast sits down and talks to different athletes of all sports. An upcoming documentary, "Black Ice," will involve rapper Drake and showcase the lives of Black hockey players. 

"Hockey for me as a kid from Akron, Ohio, from the hood, I didn't grow up watching hockey, liking hockey, even understanding it, no one played hockey where I was from," Carter said. "But Black people in Canada, like the rest of Canadians, love hockey. There is an untold story about Black players and like other sports in America and across the world, our contributions to the sport."

Carter also discussed the tremendous amount of diversity of SpringHill, as half of the production company’s employees are women and two-thirds of their employees are people of color.

“That's what we're about. And that's what leads to great creativity because if you have people in the room who are not only diverse in race or gender but also diverse in environment, where they came from, what they think, you get discourse. Discourse leads to great ideas," Carter said.

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