LA Focus announced LeBron James and his business partner Maverick Carter recently raised $100 million to invest in their new media company, SpringHill Co. The duo formed the company on March 11, the same day that the NBA decided to suspend the season due to the COVID-19 pandemic. James is serving as chairman while Carter is the CEO.
The big investors in their new company include financial services company Guggenheim Partners LLC, UC Investments, News Corp. heir Elisabeth Murdoch’s content company Sister, and SC.Holdings.
According to the company’s official Instagram page, SpringHill is a media company with “an unapologetic agenda – a maker and distributor of all kinds of content that will give a voice to creators and consumers who’ve been pandered to, ignored, or underserved.”
The company is comprised of James’ marketing agency, Robot Co. along with entertainment companies SpringHill Entertainment and Uninterrupted LLC. SpringHill Entertainment is behind the new “Space Jam” film starring James which is scheduled to premiere next year, as well as the NBC game show, “The Wall.” Uninterrupted LLC produces an HBO talk show called, “The Shop: Uninterrupted” featuring James, Carter, and other black celebrities, in addition to “Kneading Dough,” an online partnership with JP Morgan Chase & Co. in which athletes discuss money in an effort to promote financial literacy.
James and Carter want to use the company as a way to give people of color a platform to thrive and express their creativity.
“This is ultimately a company that’s about point of view, the community you serve, and empowerment,” said L.A. investment banker Paul Wachter, who’s involved with the media company. “This is a company designed to move the culture.”
SpringHill Co. is named after the apartment building that James and his mother moved to when he was in the sixth grade. Both James and Carter want to keep the feeling of familiarity and community in the company.
“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. And they feel like, ‘Oh, you know what? I can relate to that.’ It’s very organic to our upbringing,” James told Bloomberg Businessweek.
Carter also added that representation and exposure for people within minority communities is essential in order for its people to be successful.
“When you grow up in a place like where we were, no matter how talented you are, if you don’t even know that other things exist, there’s no way for you to ever feel empowered because you’re like, I’m confined to this small world. That’s our duty. A lot of exposure,” Carter explained.
The two longtime friends have already secured deals with Walt Disney Co. and Netflix to start producing content and James couldn’t be more excited about the future.
“Incredibly proud of today’s announcement! We started building this company almost five years ago and while I love every project we do and every story we tell…I’m most proud of our team and the message we are sending,” James wrote on Instagram. “Over 100 employees with 64% people of color and are 40% female in an industry that averages 25% (we will get to 50%). Our leadership team is a reflection of our entire organization. I want to thank everyone at The Springhill Company for believing in our vision! We closed this deal in March and I knew our work was going to keep getting more and more necessary. Let’s continue empowering others and striving for change and greatness. Some not pictured but surely not missing! We Are A Monster Team!”
Those on SpringHill Co.’s board include Serena Williams, Live Nation Entertainment CEO Michael Rapino, and Boston Red Sox Chairman Tom Werner.
Original source: https://lafocusnewspaper.com/lebron-james-and-maverick-carter-raise-100-million-for-media-company/
