The media company founded by NBA all-star LeBron James reportedly lost nearly $30 million last year and will likely lose millions more.
SpringHill, the production company LeBron James cofounded with Maverick Carter in 2020, has lost $28 million despite producing films like Space Jam and Shooting Stars along with the talk show The Shop. Though the company pulled in $104 million in revenue in 2023, it will be finishing in the red this year, according to Bloomberg.
“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,” Maverick Carter, CEO of SpringHill, told Bloomberg.
Carter did say the company will exceed projections this year. Per Bloomberg:
The article noted that the company likely received an initial investment due to having a celebrity name like LeBron James backing it, which likely led to “inflated valuations relative to their business fundamentals and have since struggled to live up to the lofty expectations.”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.
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.
“We built this business with LeBron, not around him,” Carter said, adding that James “remains deeply engaged in driving the vision and mission he helped shape, focusing more actively on certain passion projects.”
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