LeBron James’ media company SpringHill lost nearly $30 million in 2023

From an on-court perspective and non-basketball endeavors, LeBron James is one of the most successful professional athletes in the history of the sport. But even the elite of the elite are taking significant losses, and that’s exactly what James’ media company appears to be.

SpringHill, the media company James co-founded in 2020, was able to generate $104 million in revenue in 2023, but despite that nine-figure number, the company reportedly lost $28 million a year ago.

According to documents obtained by Bloomberg, the $28 million loss comes a year after the company lost $17 million in 2022 and is expected to lose millions more in 2024.

Given these numbers, it shouldn’t be a surprise to learn that SpringHill has never made a profit.

The media company, named after the Ohio apartment complex where James grew up, creates and produces television programs and films, most notably the remake of “Space Jam,” which was a box office disaster in 2021.

Among his most recent projects, SpringHill helped develop the series Above The Fold, which airs on TruTV and is directed by Jemele Hill, one of the most controversial and out-of-touch sports personalities in recent years. It’s safe to assume that Hill’s new project will have a short lifespan.

LeBron James’ media company SpringHill has never made a profit and lost nearly $30 million in 2023 alone. Mark J. Rebilas-Imagn Images

Hoping to slow the bleeding, SpringHill wants to merge with Fulwell 73, a British production company behind the Grammys and “The Kardashians.” The newly formed company is expected to employ 250 people after a series of staff cuts, with the hope of turning a profit by the end of 2025.

Perhaps the most interesting aspect of this is the amount of money James and his team were able to raise for the company. In 2015, long before SpringHill launched, James helped raise $15 million from Warner Bros. In 2020, the company raised $100 million from investors including Guggenheim Partners. In 2021, companies like Nike, RedBird and the Boston Red Sox jumped into the investor fold, causing the company to be valued at $725 million.

At the time of its incredibly high valuation, SpringHill had sales of less than $80 million and was making losses just as it is today.

We can’t ignore the fact that the pandemic completely shut down the entertainment world for about two years as James tried to get SpringHill up and running.

However, it’s hard to ignore the idea that what we have here is simple: a megastar athlete breaking into the media world and super-rich celebrities and corporations writing him checks to simply say, “I am also an investor in LeBron James’ media company.” .’