Basketball superstar LeBron James and his longtime business partner Maverick Carter have raised $100 million to grow their media empire.
The pair will be using the money toward their new company SpringHill Co. — a conglomerate made up of three of their other companies that will aim to produce content from usually marginalized voices, Bloomberg Businessweek reported Thursday.
“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 magazine. “And they feel like, Oh, you know what? I can relate to that.”
The new firm combines James and Carter’s SpringHill Entertainment film production company with their media and e-commerce unit Uninterrupted LLC, which have birthed projects such as a forthcoming “Space Jam” sequel and an HBO talk show, as well as marketing agency The Robot Co.
James will be chairman of the new entity. Carter will act as CEO.
SpringHill was reportedly formed on the same day in March that the NBA suspended its season because of the coronavirus pandemic. But the ensuing lockdowns haven’t hampered the company’s early days — Carter recently inked a TV deal with Disney and has a basketball-themed Netflix film in the works, Businessweek reported.
James and Carter reportedly attended the same high school that James left to join the Cleveland Cavaliers in 2003. The pair worked together on “The Decision,” a live broadcast of James’ 2010 announcement that he was leaving Cleveland for the Miami Heat, Businessweek reported. They went on to start SpringHill Entertainment, which shares its name with the Akron, Ohio, apartment complex where James grew up.
The pair’s new company is backed by a slate of investors including Guggenheim Partners, UC Investments, SC Holdings and News Corp. heir Elisabeth Murdoch, with a board that includes tennis legend Serena Williams, Boston Red Sox chairman Tom Werner and LiveNation CEO Michael Rapino, Businessweek’s lengthy profile says. (News Corp. owns The Post.)
“This is ultimately a company that’s about point of view, the community you serve, and empowerment,” investment banker Paul Wachter, who helped facilitate the project and also sits on the board, told Businessweek. “This is a company designed to move the culture.”