SpringHill, the entertainment company founded by LeBron James and Maverick Carter, has taken an investment from a consortium that values the company at $725 million. Gerry Cardinale’s sports-focused RedBird Capital leads the group and is joined by Nike, Epic Games and Fenway Sports Group. The syndicate acquired a “significant” minority stake, according to a Spring Hill announcement this morning.
Last month, Sporty reported that SpringHill was discussing an investment from RedBird.
“What I really like is that we support two people, who, individually and collectively, are quite unique at the intersection of sport and culture and their ability to be catalysts for progress, empowerment and diversity,” RedBird founder and managing partner Gerry Cardinale said in a phone call. “If you look at what’s going on in society, and you look at the potential of sport to influence that in a positive way, I’d have a hard time finding a company and two individuals who are in a position to really get ahead. Which. I am proud to be a part of that.”
SpringHill Company is the combination of three companies launched by James and longtime business partner Carter: SpringHill Entertainment, Uninterrupted and the Robot Co. Notably, SpringHill is a producer of the film Space Jam: A New Legacy, in which James also plays, and The store, an Emmy-winning talk show on HBO.
A big part of the company’s appeal to investors is its diversified revenue streams, which include not only film and TV production, but podcasts and editing, as well as marketing advice through Robot and consumer products, such as hoodies and ballcaps designed in-house. . SpringHill has multi-year deals for scripted and unscripted content with Netflix, HBO, Apple, Universal, Disney and Disney’s ESPN.
Last year, James and Carter raised $100 million to fund SpringHill from a consortium including Guggenheim Investments, SC.Holdings and UC Investments, which manages the University of California system’s endowments and retirement assets. UC Investments added an undisclosed amount to its stake in this latest round. The dollar size of the new equity investment and the percentage share sold by SpringHill will not be made public. Still, after this new round, James and Carter will continue to monitor the company, with RedBird Capital as the main stakeholder among the various asset managers.
The investment draws on a number of connections James already has in the sports and entertainment world. He has a “lifetime” contract with Nike, and he also owns part of Fenway Sports Group, the parent company of the Red Sox and Liverpool FC (as does RedBird). In July, he made his debut in Epic’s Fortnite game as a playable character. James’ many deals, as well as his playing career, have earned him the title of NBA’s first billion-dollar active player.
“With this new group of investors who are the very best in their respective industries, we will be able to empower our community and every creator to do their most inspiring work and realize their most ambitious dream,” said Carter, SpringHill’s CEO. , in a press release.
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