June 25, 2020
Baller LeBron James and his longtime business partner, Maverick Carter, have raised $100 million from backers—including global investment firm Guggenheim Partners; and the daughter of media titan Rupert Murdoch, Elisabeth Murdoch.
With the funding, James and Maverick are consolidating their trio of media companies into a single entity, SpringHill, which is aiming to serve as a multifaceted platform to empower Black creators and audiences, Variety reports.
The funding was led by Guggenheim; as well as Sister, the production company founded by Elisabeth Murdoch, Stacey Snider and Jane Featherstone; the University of California’s UC Investments; and Jason Stein’s SC Holdings.
The funding closed in March—on the same day the NBA announced the league was shutting down due to COVID-19—but was announced on Thursday, June 24,as first reported by Bloomberg.
James and Carter’s SpringHill Co. brings together their SpringHill Entertainment production firm, digital-media and consumer-products company Uninterrupted, and the Robot Co. marketing agency. SpringHill Entertainment is behind NBC’s “The Wall” game show; as well as the upcoming “Space Jam: A New Legacy” sequel, set to bow in July 2021. Uninterrunpted has partnered with WarnerMedia’s Bleacher Report and produced “The Shop” on HBO.
The new SpringHill Co. is led by James as chairman and Carter serving as CEO. Joining them on the board are Murdoch, Guggenheim CIO Scott Minerd, tennis ace Serena Williams, Apollo Global Management co-founder Marc Rowan, Live Nation Entertainment CEO Michael Rapino, Boston Red Sox chairman Tom Werner, and L.A. investment banker Paul Wachter.
“I’ve always wanted to use the platform of basketball to empower those around me. Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches,” James, the NBA superstar who is signed with the L.A. Lakers, said in a statement. “The SpringHill Company defines empowerment. You see it in the team we’ve built, the stories we tell, and the community our work will serve.”
Research contact: @Variety