Posted on 12/02/2024 7:56:28 AM PST by Red Badger
LeBron James may be the wealthiest basketball player in history, but his media company is in troubled waters.
According to financial documents obtained by Bloomberg, Springhill, the media company LeBron founded with his business partner Maverick Carter, is bleeding money and failing to turn a profit.
Founded in 2020, SpringHill seeks to combine film and television production, athlete storytelling, and marketing. Its completed projects include the film Space Jam: A New Legacy and Netflix’s Top Boy.
The report states:
The company lost $28 million on sales of $104 million last year, according to documents obtained by Bloomberg News. SpringHill lost $17 million in 2022 and is on pace to lose millions more in 2024.
Hollywood production companies that sprouted during the past decade to serve the growing demands of streaming services are struggling as those services cut back on production and scrutinize budgets. This market correction has impacted everyone – from the world’s largest entertainment companies, which have cut staff, to prop houses, real estate developers and the independents like SpringHill.
“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, a deal that will give the combined company more scale during a challenging business environment. The company, which will have 250 employees, is aiming to be profitable by the end of next year, following a round of staff cuts.
The report is far from the only embarrassment LeBron has faced recently.
Just last week, LeBron was brutally heckled at an NFL game about his relationship with Sean ‘Diddy’ Combs, who is currently awaiting trial on a multitude of sex trafficking allegations.
“‘Bron! ‘Bron! We know you were at those Diddy parties! We know you were there,’” the fan screams at him.
The 39-year-old will also be licking his wounds after Donald Trump’s spectacular election victory last month.
Posting on the X platform days before the election, he offered a full-throated endorsement of Kamala Harris, comparing her campaign to the civil rights struggles of decades gone by.
Not good enough for he has said and done.
“I get trying to shelter your money from the irs but you better know what the heck your doing......of have someone trustworthy that does.”
Tom Clancey lost a million dollars to a shady guy he met at a baseball game.
His Nike contract is $1 billion.
😀😀😀😀😀
Full throat, that seem wasteful!
In the time of global warming, we should be always thinking about sustainability!
https://duckduckgo.com/?q=full-throated+endorsement+of+Harris%2C&ia=web
Interesting post. I’ve noticed that when the White House has something to say all the media outlets with similar stories use almost identical language.
It's a combination of analytics and NBA Commissioner Adam Silver. Everyone knows that you're better off shooting 3s even if you miss a bunch.
Players are taking advantage of Adam Silver because he's a weak Commissioner.
Owners will have to fire Adam Silver. End guaranteed contracts. It may take a lockout of year or two.
And they may have to get rid of the 3 point line. It's a fundamental flaw of the game at this point.
https://www.thesmbguide.com/how-to-write-a-press-release
Press releases are used by businesses to make public announcements (written or recorded) about company news. Also referred to as a media release or news release, press releases are written in different formats that are named according to their function.
Didn't used to be. It came in during Bird and Magic's rookie year (79), yet the 1980s had some of the best Finals ever.
They should bring back dribbling...............
I didn’t know LeBron had a media company. I suspect that most other adult Americans don’t know either.
“...because they have no business sense...”
Or any other sense for that matfer. Dumshit will probably blow through his fortune and wind up in huge debt.
I believe if the NBA enforced travelling, palming and other things, NBA scores would be 29-25 or some such..there is travelling on EVERY possession. I once saw a high(low)light of LeBron literally taking the ball at the 3 point line and take 5 steps or so to the bucket. Should have been at least 2 dribbles. It’s now a joke..
I wish it bled 300 million!
Can’t stand that idiot!
That’s like asking the NFL and College Football to enforce holding on every play.
Yes, all those used to be against the rules...........when they had rules..........
That’s because those players hadn’t been shooting for 3 since they were toddlers, so it wasn’t on average as valuable a shot in the game.
Penalties in the NFL are only enforced on the KC Chiefs opponents.
It was probably just a tax write off. Now, it will be a one time write off against his NBA salary, Nike contract and other endorsements.
I am surprised he doesn’t have a vineyard/winery and a tequila company.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.