LeBron James and his partner Maverick Carter recently closed on a deal to sell a minority stake of their production hub, The SpringHill Company to a collective of investors that brought the company’s value to $725 million, Variety reports.
Although the size of the stake that was sold was not disclosed, James and Carter have retained a controlling interest in the company.
The investment will “enable SpringHill to significantly expand its current businesses of IP development, commerce, content, brand consulting, and live events,” the company said in a statement.
“SpringHill’s mission is empowering greatness in every individual,” Carter said in a statement. “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.”
Gerry Cardinale, founder, and managing partner at RedBird shared his excitement about the new venture.
“The 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,” he said.
Paul Wachter, CEO of investment firm Main Street Advisors, who advised Spring Hill on the deal, noted the importance of the landmark deal.
“Bringing this incredible consortium of companies and investors together for this deal will supercharge SpringHill’s development and growth,” he said. “We are as proud of being part of this journey with them as anything else we’ve done in our 25-year history of working with extremely talented entrepreneurs, athletes, and entertainers,
Since its inception, SpringHill has produced Survivor’s Remorse on Starz, the Uninterrupted series The Shop on HBO, and the widely successful Space Jam: A New Legacy.