LeBron James’ media and entertainment company, SpringHill, has faced significant financial challenges, losing nearly $30 million in the previous year despite revenues of $104 million.
This news comes from documents obtained by Bloomberg News, highlighting that SpringHill has “never“ turned a profit since its inception.
The company, which focuses on creating content representing underserved populations and has a diverse staff, also saw a $17 million loss in 2022, and projections suggest further losses in 2024.
I’m not sure about you, but most media companies I’ve seen that lose $17 million one year, then nearly double it, and have projections suggesting more of the same, don’t last very long.
Woof. LeBron’s media company has never made money — and has been losing quite a bit, @Lucas_Shaw scoops. https://t.co/6270qRKImm pic.twitter.com/6GcRdydjvn
— Dan Diamond (@ddiamond) December 2, 2024
LeBron James’ Company Is In Rough Shape
According to Bloomberg, the financial strain at SpringHill is part of a broader cooling in Hollywood, where even the most prominent figures struggle for profitability.
Despite its high-profile partnerships with Disney and Universal Studios, and the backing of investors like Nike and RedBird Capital, SpringHill has not managed to break even. Not even close.
Their situation underscores the challenges in the entertainment industry, where even ventures with substantial backing and high visibility can falter financially.
Or maybe it’s not that so much as it is companies that worry about diversity over profitability.
LeBron James, alongside his business partner Maverick Carter, remains at the helm of SpringHill. Their vision includes creating content that resonates culturally while also aiming to amplify diverse voices. The strategy is a demonstrable failure.
“What I really like is that we are backing two people, who, individually and collectively, are pretty unique in the crossroads of sports and culture and their ability to be catalysts for advancement, empowerment, and diversity,” said Redbird founder Gerry Cardinale on investing in LeBron James’ company.
I’m pretty confident that he doesn’t like flushing money down the toilet, however.
RELATED: Heartache: LeBron James Announces He’s Leaving Social Media ‘For The Time Being’
Bad At Media AND Social Media
When he’s not driving his media company into the ground, LeBron James is also struggling to stay afloat on social media. The Lakers star recently announced his exodus due to all the negativity he had been experiencing.
“And with that said, I’ll holla at y’all!” the four-time NBA Champion said after sharing a lengthy post by NBA agent Rich Kleiman, who lamented how sports journalists tend to cover stories through a lens of negativity.
“Getting off social media for the time being. Y’all take care.”
And with that said I’ll holla at y’all! Getting off social media for the time being. Y’all take care ✌🏾👑
— LeBron James (@KingJames) November 20, 2024
At least on social media, he wasn’t costing anybody $47 million over two years, so there’s that.
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