A production company backed by LeBron James and Maverick Carter is in talks to sell equity stakes to investors.
What Happened: SpringHill Media Company, which was among the producers of “Space Jam: A New Legacy,” could be valued at up to $750 million with investors circling the name.
The move comes as the company’s highest-profile film project to date was released in theaters and on HBO Max, the streaming platform from AT&T Inc. T.
“Space Jam: A New Legacy” grossed $31.65 million domestically over the weekend and $23.0 million internationally. The original “Space Jam” made $90.4 million total 25 years ago including $27.5 million in its opening weekend.
Variety reports that Nike Inc NKE is among the interested parties in acquiring an equity stake in the company, along with several streaming video providers and technology companies.
James has a lifetime contract with Nike signed in 2015 that is valued at over $1 billion.
SpringHill is named after the housing complex in Akron, Ohio where James was raised.
Why It’s Important: The valuation for SpringHill could come at the perfect time given the success of “Space Jam: A New Legacy,” but the company also has an exciting lineup of partnered content coming.
“Hustle” starring Adam Sandler is an upcoming title that will be released on Netflix Inc NFLX. The movie features Sandler playing a basketball scout.
“Fantasy Football” will begin production in 2022 and is partnered with ViacomCBS Inc VIAC. The film will center on a 15-year-old girl who discovers she can control her pro football dad through a video game.
SpringHill also has deals in place with Comcast Corporation CMCSA, Amazon.com, Inc AMZN, Sirius XM Holdings Inc SIRI and Walt Disney Co DIS according to Fast Company.
The company previously produced “What’s My Name: Muhammad Ali” for HBO and “Survivor’s Remorse” for Starz. SpringHill released a financial literacy web series called “Kneading Dough” in partnership with JPMorgan Chase & Co. JPM.
Photo: "Space Jam: A New Legacy" courtesy of IMDb.
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