LeBron James company valued at $725 million after selling minority stake
LeBron James and Maverick Carter founded the company in 2020
SpringHill Company, the entertainment venture founded by LeBron James and his agent Maverick Carter, sold a minority stake that would value the company at $725 million.
Nike, Epic Games, RedBird Capital Partners and Fenway Sports Group bought the stake in the company. The size of the stake wasn’t disclosed. Epic Games is the company behind the popular video game "Fortnite" and Fenway Sports Group is the parent company of the Boston Red Sox and the Premier League’s Liverpool F.C. James recently acquired partnerships in Fenway Sports Group.
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LeBron James #23 of the Los Angeles Lakers smiles before the game against the Memphis Grizzlies on Dec. 23, 2018 at STAPLES Center in Los Angeles, California. (Andrew D. Bernstein/NBAE via Getty Images / Getty Images)
James and Carter will remain the majority owners of SpringHill.
"SpringHill’s mission is empowering greatness in every individual. 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. 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," Carter said in a statement, via The Wrap.
Maverick Carter looks on after the game between the Miami Heat and the Brooklyn Nets at American Airlines Arena on Feb. 29, 2020 in Miami, Florida. (Michael Reaves/Getty Images / Getty Images)
Gerry Cardinale, the founder and managing partner of RedBird, added: "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."
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James also added his voice to the announcement on Twitter.
SpringHill recently produced "Space Jam: A New Legacy" and is behind "The Shop" and "Uninterrupted."
NBA Player Lebron James and Maverick Carter attend the Uninterrupted Canada Launch held at Louis Louis at The St. Regis Toronto on August 02, 2019 in Toronto, Canada. (Photo by George Pimentel/Getty Images / Getty Images)
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The company was founded in 2020, uniting three other companies founded by James and Carter.