LeBron’s SpringHill, ‘Kardashians’ Producer Said in Merger Talks
Los Angeles Lakers star LeBron James is in talks to merge his TV and film production business, SpringHill Co., with Fulwell 73, the British film, TV and music company behind The Kardashians and Carpool Karaoke, according to people familiar with the matter.
(Bloomberg) -- Los Angeles Lakers star LeBron James is in talks to merge his TV and film production business, SpringHill Co., with Fulwell 73, the British film, TV and music company behind The Kardashians and Carpool Karaoke, according to people familiar with the matter.
The two companies have been talking for months, said the people, who asked not to be identified because the negotiations are ongoing and could fall apart. They didn’t disclose any potential terms.
Executives of both companies see an opportunity to bulk up their businesses around unscripted and live programming, along with the benefits of combining resources across Europe and the US, according to the people.
SpringHill has produced a mix of scripted and unscripted projects, including Space Jam: A New Legacy and the Netflix documentary series Starting 5. The company has deep relationships in sports thanks to James and his business partners.
Fulwell produces live events like the Grammy Awards and an Adele concert, as well as unscripted series. Co-founder Ben Winston was an executive producer of The Late Late Show With James Corden. Corden is an investor in Fulwell, which is also led by Leo Pearlman, Ben Turner and Gabe Turner.
A slowdown in the film and TV business has put pressure on producers to cut costs and become more efficient. By combining, SpringHill and Fulwell could also be in a position to make acquisitions, the people said. Both have hundreds of employees.
James, 39, founded SpringHill in 2020 with his business partner Maverick Carter by combining three of their existing businesses. Nike Inc. invested in SpringHill in 2021, giving the startup a valuation of $725 million. Other investors included Epic Games Inc. and RedBird Capital Partners.
Celebrity-led production companies secured high valuations at the time, buoyed by the surge in spending from new streaming services. The company’s success inspired many of James’ peers, including Kevin Durant and Stephen Curry, to start their own media companies as well.
Yet valuations for production companies and studios have fallen in the last couple years as companies in Hollywood pulled back on spending. Both SpringHill and Fulwell produce a lot of high-profile projects.
Fulwell is partly owned by Eldridge Industries, an investment company led by billionaire Todd Boehly, who is also co-owner of Chelsea FC and the Los Angeles Dodgers. London-based Fulwell does a lot of business in Europe while SpringHill has been more focused on the US.
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First Published:5 Nov 2024, 10:23 PM IST
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