New York – US sports equipment giant Nike and video game publisher Epic Games have acquired a "significant" minority stake in the media and entertainment company founded by basketball star LeBron James, bringing its valuation to $725 million.
Other investors in James's SpringHill Company include private equity firm RedBird Capital Partners and Fenway Sports Group, which controls England football club Liverpool FC and the Boston Red Sox baseball franchise.
SpringHill declined to tell AFP how big a stake the investors acquired.
Following the transaction, James and SpringHill chief executive Maverick Carter, a close friend of the Los Angeles Lakers player, will retain control of the company, it said in a statement.
Founded in 2007, SpringHill has been the locomotive for James's media, television, and businesses ventures.
Kagiso Rabada draws inspiration from LeBron James and Michael Jordan in starting new business venture
On a new wicket: Kagiso Rabada sets up a new sports management agency under his own name
Giannis scores 41 as Milwaukee trim Suns' lead in NBA Finals
Davis says injuries 'a big factor' as Lakers NBA title defence folds
Phoenix Suns oust NBA champions LA Lakers in first round of play-offs
Lebron says Lakers got their ’ass kicked’ by the Suns
He used it in particular to launch, in 2015, Uninterrupted, a media platform that allows athletes to express themselves more directly than through traditional media.
SpringHill also co-produced "Space Jam: A New Legacy," a blockbuster starring James, which was released in July and grossed $161 million at the global box office, according to the website Box Office Mojo.
SpringHill also produces documentaries, video series and game shows, including "The Wall," which is broadcast on NBC. Its other arms include consulting and event management.
SpringHill intends to use the funds from the deal to expand to new markets, including outside the United States, it said.
Last year Forbes magazine valued James's fortune at around $850 million. A four-time NBA champion, the 36-year-old forward remains one of the league's best players.
AFP