Investors invest $100 million in Lebron James new media company

In the wake of all that has happened since the death of George Floyd, the Black community is getting more support from most corporations and individuals. Several corporations like Google, Visa, Netflix, etc., have started funding programs to support Black businesses and the Black community at large.

It was announced recently that Lebron James’ new media company has amassed an investment of $100 million from investors—Guggenheim Investments, UC Investments, SC.Holdings, and SISTER. The new Black media company is centered at broadcasting Black views and hopes to give the Black community a louder voice in the country. The NBA season may have been on hold for four months, however, it only gave James a new business opportunity.

James and his business partner/friend Maverick Carter established the SpringHill Entertainment Co., earlier this year. The business is a conglomerate of three companies that promote content by Black creators for consumers who have been ignored for a long time, according to Bloomberg Businessweek. The three companies include UNINTERRUPTED, an empowerment platform owned by the athlete, SpringHill Entertainment, a film and television company, and the Robot Company, a brand and culture agency.

SpringHill Media 

The new conglomerate will have Carter as its CEO and James as the chairman. The company board will also feature other influential people like tennis star Serena Williams, Tom Werner (Boston Red Sox chairman), Michael Rapino (Live Nation Entertainment CEO), B.Scott Minerd, Marc Rowan, and Paul Watcher. The aim of the company is to finally “give a voice to Black creators and consumers who’ve been pandered to, ignored, or underserved,” James said.

“I’ve always wanted to use the platform of basketball to empower those around me,” James said in a news release. “Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches. The SpringHill Company defines empowerment. You see it in the team we’ve built, the stories we tell, and the community our work will serve.”

The company which only started a few months ago has already gained strong social media and media presence as a result of the pandemic-related issues which has grown online activity over the past five months, and the recent killings and systemic racism of Black people.

When the idea of the SpringHill came in February, Carter described the company as a “house of brands” that would be primarily for Black people and controlled by Black people. The company so far has an employee-count of about 105, with 64% being people of color and 40% female.

“This is ultimately a company that’s about a point of view, the community you serve, and empowerment,” said Paul Watcher, L.A. investment banker. “This is a company designed to move the culture.”