SpringHill Co., the media and entertainment company controlled by LeBron James and Maverick Carter, is getting closer to securing an investment led by RedBird Capital Partners.
Sources familiar with the process have indicated that it appears to be gaining momentum, but did not specify the size of the stake or the total amount of the investment. When word surfaced earlier this year that SpringHill was in play, its valuation was pegged at around $ 750 million.
RedBird Capital has been involved in a series of sports media deals, including the acquisition of the YES network and the purchase of the XFL by Dwayne Johnson and Dany Garcia. He is also an investor in Skydance, a prolific film and television production company. Other entities that will be part of the new investment in SpringHill include Nike and Fenway Sports Group.
Those familiar with the negotiations expect James and Carter to retain control of the company, but the talks are aimed at tapping a booming M&A market for new resources. A wide range of content providers offer entertaining offerings under favorable market conditions, including Imagine Entertainment and Will and Jada Pink, and Smith’s Westbrook Inc. Hello Sunshine by Reese Witherspoon was acquired over the summer by a new managed entity. by former Disney executives Kevin Mayer and Tom Staggs. . The same company that is said to be in talks to buy control of Westbrook.
Last year, SpringHill Entertainment, athlete empowerment entity Uninterrupted and marketing agency Robot Co. merged into a single SpringHill branded entity. He has raised $ 100 million in funding from investors such as Guggenheim Partners and the University of California.
James performed and produced a remake of Space jam, a summer release that is doing quite well for Warner Bros. with over $ 150 million at the global box office. As important, if not more, than his theatrical performance has been his role in driving subscriptions to HBO Max, the streaming service where he starred alongside theaters for its first month of release.
SpringHill’s operations span branded content, marketing services, podcasts, and scripted and unscripted film and TV projects. The company’s board of directors includes Elisabeth Murdoch, Serena Williams and several other notable personalities in finance and business.
Followed by Space jam, SpringHill has a new approach House party installed at New Line and Jostle to Netflix, a movie starring Adam Sandler.
Sportico, Deadline’s sister publication, had the first report on the new investment cycle.