LeBron James' SpringHill Lost $28M In 2023

12/02/2024 05:13 PM

LeBron James' SpringHill media company lost $28 million on sales of $104 million last year, reports Bloomberg. SpringHill also lost $17 million in 2022 and is on pace to lose millions more again in 2024.

SpringHill recently agreed to a merger with Fulwell 73, the British production outfit behind The Kardashians and the Grammy Awards, a deal that will give the combined company more scale during a challenging business environment.

James started the company with Maverick Carter, who runs the business day to day. SpringHill produced films and TV shows, ran a marketing company, sold apparel and started Uninterrupted, which produces their talk show The Shop.

James' involvement helped the company raise $15 million from Warner Bros. in 2015. In 2020, the pair raised $100 million from investors including Guggenheim Partners and Elisabeth Murdoch. A year later, they added RedBird, Nike and the owners of the Boston Red Sox to their investor group in a deal valuing the business at $725 million. The company had less than $80 million in sales at the time and was losing money.