SpringHill Company – the video-production firm founded and led by the basketball player LeBron James and the sports marketer Maveric Carter (chairman and CEO respectively) - has sold a minority of its shares to Nike, RedBird Capital Partners, Fenway Sports Group and Epic Games. The deal suggests a valuation of $725 million for the firm, which has attracted at least one more funding round since it started as SpringHill Entertainment in 2015. As part of the transaction, a current shareholder, UC Investments, will be upping its investment, while James and Carter will retain their controlling stake. SpringHill will be using the new funds to expand IP development, commerce, content, brand consulting and live events. It will be looking into new markets abroad, exploring acquisitions, and building games and other digital content. It will also be working with Epic, owner of Fortnite, to “bring new content to the metaverse.” SpringHill’s mission is “empowering greatness in every individual,” said Carter in a statement, noting that he James started the company with the tagline ”More Than an Athlete.” SpringHill has served as producer on the HBO talk show The Shop and on the recent Space Jam sequel. The movie, in which James plays a role similar to Michael Jordan’s in the original, appears to have lost money, earning some $162 million on an estimated production budget (exclusive of marketing costs) of $150 million. James is financially involved in many other businesses. The Los Angeles Lakers star has been one of the newest investors in Tonal, a leader in the connected strength training category.

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