LeBron James’ media company “lost $30 million in 2023” and made dire predictions for 2024

SpringHill, LeBron James’ media company, lost nearly $30 million last year and is on track to lose even more in 2024, according to a new report.

James founded the company in 2020 with his longtime friend and manager Maverick Carter, and SpringHill produced The Shop for HBO and a Space Jam remake, among other films.

But as reported in Lucas Shaw’s Bloomberg newsletter, SpringHill lost $28 million last year despite revenue of $104 million.

The company was reportedly never profitable.

In particular, SpringHill – which is set to merge with British film, television and music company Fulwell 73 – is reportedly planning a round of layoffs for its 250 employees.

LeBron James’ SpringHill Company has yet to turn a profit and is facing a round of layoffs

James founded the company with his long-time friend and manager Maverick Carter (left).

Fulwell is the production company behind The Kardashians and the Grammys and was also involved in Adele’s live concert One Night Only.

Bloomberg reported that SpringHill hopes to turn a profit by the end of next year after the workforce cuts, adding that there will be another $40 million in investments as part of the Fulwell agreement.

“The entertainment market’s shift toward profitability in 2022/2023 brought rising costs, slower buyer decision-making and impacts from industry strikes, prompting us to rebalance, including writing down underperforming projects, to position ourselves for future growth,” Carter said via Email to Bloomberg.

He also said the company is expected to exceed 2024 forecasts.

James notably starred in “The Shop”, a sports and culture talk show with other celebrities and athletes in a barbershop, while he was also the focus of “Space Jam: A New Legacy”.

However, Carter said, “We built this business with LeBron, not around him.”

He added that the Lakers star “remains deeply involved in advancing the vision and mission he helped create and is more actively focused on specific passion projects.”

SpringHill is currently co-producing a film starring Mark Wahlberg, Deadline reported in August.

In the film, titled “Weekend Warriors,” a father and an autistic son travel through each NBA arena as the boy decides which team he wants to support.