The content and consumer product company owned by NBA superstar LeBron James, SpringHill, recently announced it had completed a round of funding that values the business at $725 million. According to The Hollywood Reporter, this money will be used for international expansion and “acquiring valuable new IP, pursuing synergistic M&A, and investing in emerging creators.”
This funding round was led by Gerry Cardinale of RedBird Capital, Nike, Fenway Sports Group, and Epic Games. The Hollywood Reporter said that LeBron and his longtime friend, Maverick Carter, will remain the majority owners of the business.
All corporate investors are expected to benefit from this funding round. In the case of Epic Games, it is being reported that this investment opportunity will “bring unique content to the metaverse.”
Back in July, LeBron James was added to Fortnite‘s list of playable characters. When purchased through the Epic Games Store, users were given two playable, in-game versions of the NBA superstar.
The Profit‘s Take:
Clearly, LeBron’s Fortnite collab from earlier this summer isn’t going to be his last. Does this mean that LeBron James will be the face of the rumored Fortnite movie? More importantly, does this mean that Epic is sinking precious investor dollars into content and therefore becoming more of a media business than a gaming company?
(All information was provided by TheGamer, The Hollywood Reporter, Wikipedia, and Yahoo! Finance)
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