UC revisits SpringHill

SpringHill, a US-based sports entertainment studio, has raised a “significant” amount of money from investors including University of California’s UC Investments vehicle at a $725m valuation, according to Forbes.

Sports equipment producer Nike, computer game producer Epic Games and sports team owner Fenway Sports Group (FSG) also joined investment firm and FSG affiliate RedBird Capital Partners, which led the round.

Founded by basketball professional LeBron James, SpringHill produces a range of entertainment content across mediums like television, film, gaming and audio. It also sells fashion and apparel through its Uninterrupted brand.

James and his business partner, SpringHill chief executive Maverick Carter, have retained their controlling stake in the business following the deal.

The deal is poised to fuel a major expansion for SpringHill, with Nike reportedly tapped to collaborate on licensing deals in fashion and commerce, Epic Games to expand its presence in the gaming sphere and FSG, which owns the Boston Red Sox baseball franchise and Liverpool Football Club, will aid in its international expansion.

The company had raised $100m from UC Investments, production company Sister, Guggenheim Partners and SC Holdings in June 2020, five years after entertainment group WarnerMedia invested $15.8m in Uninterrupted.

Epic Games had reportedly approached to buy the entire company but was turned down.

Maverick Carter said: “We started this company with the tagline ‘More Than an Athlete’ which still defines everything we do to this very day. We are an incredible team of athletes, artists, writers, designers, musicians and countless other creators.

“With this new group of investors who are the very best in their respective industries we are going to be able to empower our community and every creator to do their most inspiring work and achieve their most ambitious dreams.”

– A version of this article first appeared on our sister site, Global Corporate Venturing.