LeBron James’ content company SpringHill is in advanced talks to secure a significant strategic investment from a consortium including Fenway Sports Group, RedBird Capital and Nike, insiders told Variety.
While the NBA legend and his longtime business partner Maverick Carter have expressly told potential suitors they are not looking for a full acquisition, sources said the new investment partners would flush the operation with cash and value the entity between $650 million and $700 million. A representative for SpringHill did not immediately return requests for comment.
While this deal will be structured differently from, say, the recent $900 million transaction around Reese Witherspoon’s Hello Sunshine, it places SpringHill firmly in the mix of the M&A craze consuming Hollywood.
Nike was previously reported to be eyeing the shop that helped make “Space Jam: A New Legacy,” but the arrival of RedBird and FSG to the table alludes to James and Carter’s ambitions. RedBird, led by Gerry Cardinale, has successfully partnered with similar institutions like David Ellison’s Skydance and Casey Wasserman’s firm. In 2020, RedBird sealed a $700 million sale of its NFL On Location luxury events business to Endeavor.
SpringHill counts roughly 120 employees. Recent projects include “Space Jam: A New Legacy,” which starred James alongside beloved Looney Tunes characters. The company is currently in production on “House Party” for New Line, as well as the Adam Sandler-led “Hustle” for Netflix. They will next executive produce the live-action feature “Fantasy Football” with ViacomCBS and Awesomeness Films, about a 15-year-old girl who discovers she can control her professional football player dad’s prowess on the field through her video game.
James and Carter raised $100 million for SpringHill Co. last year. Investors include Guggenheim Partners; 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. SpringHill Co. consolidated the trio of James and Maverick’s companies — SpringHill Entertainment, Uninterrupted and the Robot Co. marketing agency — into a single entity.
News of RedBird’s investment was first reported by Sportico.