SpringHill Co, LeBron James’ Media Company, lost almost $30 million in 2023

SpringHill Co., founded in 2020 by LeBron James and Maverick Carter, has produced notable projects such as "Space Jam: A New Legacy" and the HBO series "The Shop." The recent financial loss reports volatility in the entertainment industry, even for companies with high-profile leadership.

According to documents obtained by Bloomberg News, the company lost $28 million on sales of $104 million last year. SpringHill lost $17 million in 2022 and is on pace to lose millions more in 2024.

"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,” SpringHill Chief Executive Officer Maverick Carter said via email, adding that the company is expected to exceed projections this year.

SpringHill recently agreed to a merger with Fulwell 73, the British production outfit behind The Kardashians and the Grammy Awards.

LeBron James’ Media Company Lost Almost $30 Million Last Year

Film and TV businesses started by celebrities have raised lots of money. What’s missing are profits

BloombergLucas Shaw