LeBron James has found so much success in both his on-court career and ventures outside of basketball that it’s almost impossible to think of him struggling in any pursuit. However, that’s exactly what’s happening with his media company, SpringHill, as it has lost nearly $30 million just last year according to one report from Bloomberg.
Reportedly, the company sees plenty of revenue, but struggles to break a profit, having lost $17 million in 2022 on top of the $28 million from last year, and is on pace to see a similar year-end number for 2024 when all is said and done. So what exactly does SpringHill do?
The company creates films and television programs, and even offers media consulting services, although it’s hard to know how seriously their advice should be taken after getting a cursory look inside of their books. Named after the Akron, Ohio housing complex in which James grew up, SpringHill has found deals with ABC Signature and Universal Pictures over the last few years. Let’s take a look at some of the key points from the Bloomberg report.
It’s tough to post a loss of $28 million on sales of about $104 million, but SpringHill has found a way to do exactly that. A drowning company needs to find a way to make changes, and SpringHill is already taking steps, as they’re merging with Fulwell 73, a British group that has produced some pretty high profile television products, such as the Kardashian family’s reality show and the Grammy Award ceremony.
James’s business partner is Maverick Carter, a longtime friend and a board member for major concert ticketing company Live Nation. The duo has found some success without consistently putting James on camera, which sets them apart from plenty of other athlete-led ventures. However, the success hasn’t been steady enough, leading to some tough financial realities for the company.
Of course, none of this changes what James is doing on the NBA hardwood, which might even be more impressive knowing that he has some stressful business predicaments weighing on his mind. He’s currently third in the league in assists per game, routinely putting up triple-doubles and keeping his Los Angeles Lakers in playoff contention.
James has always placed an emphasis on setting up his life beyond basketball, a task he’s certainly accomplished at this point as his net worth has soared past a billion dollars. However, his media company is far from the most valuable item in his portfolio, and is arguably harming his off-court prospects. Still, it’s never wise to write off LeBron, so we’ll see if he’s able to figure out a way to turn things around.
