LeBron James’ SpringHill Company has sold what is being called a “significant minority stake” to a group of investors led by RedBird Capital. The investment values SpringHill at $725 million.
In addition to RedBird, Fenway Sports Group, Nike and Epic Games round out the group. The investment will allow SpringHill to expand IP development and add more live events, among other initiatives. It also sets the stage for expansion outside of North America and potential M&A. And SpringHill is getting into gaming as part of Epic Games’ involvement.
UC Investments, an existing shareholder, added some cash to the pile as part of this investment round. James and his business partner Maverick Carter maintain a controlling interest in the company.
SpringHill produced “Space Jam: A New Legacy” and “The Shop” on HBO.
“SpringHill’s mission is empowering greatness in every individual,” Carter, CEO at SpringHill, said in a statement accompanying the announcement. “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.”
“Maverick and LeBron have created an impressive media content platform led by a creative leadership team that has built a unique mission-driven brand,” Gerry Cardinale, founder and managing partner at RedBird, added. “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.”