LeBron James, Maverick Carter’s SpringHill Raises $100 Million From Investors Including Elisabeth Murdoch
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LeBron James and longtime business partner Maverick Carter have raised $ 100 million from supporters like Guggenheim Partners and Elisabeth Murdoch. The funding will help James and Maverick consolidate their trio of media companies into a single entity, SpringHill, which will serve as a diverse platform to empower black creators and audiences.
The financing was managed by Guggenheim; Sister, the production company founded by Elisabeth Murdoch, Stacey Snider and Jane Featherstone; the University of California UC Investments; and Jason Steins SC.Holdings. Funding was closed in March - the day the NBA announced that the league would be closed due to COVID-19 - but was announced on Thursday, Bloomberg first reported.
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SpringHill Co. by James and Carter brings together their production company SpringHill Entertainment, the company Uninterrupted for digital media and consumer goods, and the marketing agency Robot Co. SpringHill Entertainment is behind NBC's "The Wall" game show and the upcoming sequel, "Space Jam: A New Legacy," scheduled for release 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 as CEO. Murdoch (daughter of media mogul Rupert Murdoch), Scott Minerd, Guggenheim's chief investment officer, Serena Williams, Marc Rowan, Apollo Global Management co-founder, Michael Rapino, CEO of Live Nation Entertainment, Tom Werner, chairman of Boston Red Sox , and LA investment banker Paul Wachter.
"I've always wanted to use the basketball platform to empower the people around me. Now I'm incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches," said James, the NBA superstar contracted to the LA Lakers in a statement, "The SpringHill Company defines empowerment. You see it in the team we built, the stories we tell, and the community, ours Work will serve. "
Carter added: "We are excited to bring Uninterrupted, SpringHill Entertainment and The Robot Company together under one roof. Together with our new partners and incredible team, we are building a consumer and entertainment business dedicated to diversity, no fear has to stand up for what we believe in and which resonates with our community. "
Murdoch, Executive Chairman of Sister (whose credits include HBO's “Chernobyl”), said, “From our first meeting, it was clear that LeBron, Maverick, and the SpringHill team shared the values on which Sister was founded. Your commitment to creative empowerment is something that we value above all else and that makes you a natural partner in our search for authentic voices with something important. "
The SpringHill leadership team consists of Chief Content Officer Jamal Henderson, COO Devin Johnson, CFO Louisa Chen, Chief Marketing Officer Paul Rivera, Chief Creative Officer Ricardo Viramontes, General Counsel and GM Jennifer Lewis, the Chief People and Culture Officer Camille Booth and the EPP for Strategy and Operations Matthew Trunzo.
Main Street Advisors (MSA) acted as SpringHill Co.'s financial advisor for the funding round.
SpringHill is named after the public housing complex where James grew up in Akron, Ohio. The SpringHill Entertainment portfolio includes two screenplay series for Netflix - "Top Boy" with Drake and Adel "Future" Nur and "Self Made: Inspired by the life of Mrs. CJ Walker" with Octavia Spencer - as well as the documentaries "I Promise" for Quibi. Previous credits included "Shut Up & Dribble" for Showtime, "Warriors of Liberty City" for Starz and "What's My Name - Muhammad Ali" by director Antoine Fuqua for HBO.
In addition to its content projects, Uninterrupted has launched an e-commerce line that includes a private label apparel collection and collaborations with brands such as Nike and Bristol Studios.
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