LeBron James and longtime business partner Maverick Carter have raised $100 million from backers including Guggenheim Partners and Elisabeth Murdoch. With the funding, James and Maverick are consolidating their trio of media companies into a single entity, SpringHill, which is aiming to serve as a multifaceted platform to empower Black creators and audiences.
The funding was led by Guggenheim; Sister, the production company founded by Elisabeth Murdoch, Stacey Snider and Jane Featherstone; the University of California’s UC Investments; and Jason Stein’s SC.Holdings. The funding closed in March — the day the NBA announced the league was shutting down due to COVID-19 — but was announced Thursday, as first reported by Bloomberg.
James and Carter’s SpringHill Co. brings together their SpringHill Entertainment production firm, digital-media and consumer-products company Uninterrupted and the Robot Co. marketing agency. SpringHill Entertainment is behind NBC’s “The Wall” game show and the upcoming “Space Jam: A New Legacy” sequel, set to bow in July 2021. Uninterrunpted has partnered with WarnerMedia’s Bleacher Report and produced “The Shop” on HBO.
The new SpringHill Co. is led by James as chairman and Carter serving as CEO. Joining them on the board are Murdoch (daughter of media mogul Rupert Murdoch), Guggenheim chief investment officer Scott Minerd, Serena Williams, Apollo Global Management co-founder Marc Rowan, Live Nation Entertainment CEO Michael Rapino, Boston Red Sox chairman Tom Werner and L.A. investment banker Paul Wachter.
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