LeBron James may be the wealthiest basketball player in history, but his media company is in troubled waters.
According to financial documents obtained by Bloomberg, Springhill, the media company LeBron founded with his business partner Maverick Carter, is bleeding money and failing to turn a profit.
Founded in 2020, SpringHill seeks to combine film and television production, athlete storytelling, and marketing. Its completed projects include the film Space Jam: A New Legacy and Netflix’s Top Boy.
The report states:
The company lost $28 million on sales of $104 million last year, according to documents obtained by Bloomberg News. SpringHill lost $17 million in 2022 and is on pace to lose millions more in 2024.
Hollywood production companies that sprouted during the past decade to serve the growing demands of streaming services are struggling as those services cut back on production and scrutinize budgets. This market correction has impacted everyone – from the world’s largest entertainment companies, which have cut staff, to prop houses, real estate developers and the independents like SpringHill.
“The entertainment market shift in 2022/2023 toward profitability brought rising costs, slower buyer decisions, and impacts from industry strikes, prompting us to recalibrate, including writing off underperforming projects to position ourselves for future growth,” SpringHill Chief Executive Officer Maverick Carter said via email, adding that the company is expected to exceed projections this year.
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. The company, which will have 250 employees, is aiming to be profitable by the end of next year, following a round of staff cuts.
The report is far from the only embarrassment LeBron has faced recently.
Just last week, LeBron was brutally heckled at an NFL game about his relationship with Sean ‘Diddy’ Combs, who is currently awaiting trial on a multitude of sex trafficking allegations.
“‘Bron! ‘Bron! We know you were at those Diddy parties! We know you were there,’” the fan screams at him.
Fan yelling at Lebron at the Rams/Eagles game:
“We know you was at them Diddy parties, We know you was there”
— Thetruth (@Thetruth8240) November 26, 2024
The 39-year-old will also be licking his wounds after Donald Trump’s spectacular election victory last month.
Posting on the X platform days before the election, he offered a full-throated endorsement of Kamala Harris, comparing her campaign to the civil rights struggles of decades gone by.
What are we even talking about here?? When I think about my kids and my family and how they will grow up, the choice is clear to me. VOTE KAMALA HARRIS!!! pic.twitter.com/tYYlTmQS6e
— LeBron James (@KingJames) October 31, 2024
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