It’s good to be the king. Lakers preseason losses aside, LeBron James has had a good month. First, Nike opened its LeBron James Center, then The Swoosh joined a series of top investors to increase the valuation of the company he co-founded.
The SpringHill Company, so named for the Akron apartment complex in which teenage James lived, is the brainchild of James and his childhood friend, Maverick Carter, who are chairman and CEO, respectively. It was formed in 2020 as a result of the amalgamation of a trio of companies that James and Carter had previously founded.
At the end of last week, a group of investors including Nike, Fortnite creator Epic Games and the owners of the Boston Red Sox have finalized the purchase of a minority stake in SpringHill that values the company at around $ 725 million.
James himself, for what it’s worth, is valued at around $ 825 million.
Right now, SpringHill is primarily focused on entertainment: it recently produced the Space Jam: a new legacy and oversaw projects like Netflix’s Boy’s Top restart and the ThomaHawk Podcast.
But SpringHill also produces clothing through Uninterrupted and has a consultancy branch called ROBOT. These types of projects are the focus of SpringHill’s recent investment campaign.
SpringHill hopes to leverage the strengths of partners like Nike and Epic, in particular, to increase its reach in fashion and games. Redbird Capital Partners, another of the new investors, has a large portfolio of media and sports partners that SpringHill seeks to tap into, Carter told Bloomberg.
“We got real traction and understand that emotion and a feeling of empowerment are needed,” Carter said. “The thing I know, which is emotional storytelling, and doing it with the thread of empowerment, is vital.”
This mentality inspired SpringHill’s efforts like “These Hands,” a short film created for Proctor & Gamble that focuses on black professionals outside of sports.