SpringHill, the media company founded by LeBron James, has been purchased by Nike.
Nike and Epic Games, both based in the United States, have bought a “substantial” minority investment in the media and entertainment company founded by basketball star LeBron James, valuing it at $725 million.
Private equity firm RedBird Capital Partners and Fenway Sports Group, which owns Liverpool FC and the Boston Red Sox baseball team, are among the other investors in James’ SpringHill Company.
SpringHill would not say how much of a share the investors bought.
James and SpringHill Chief Executive Maverick Carter, a personal friend of the Los Angeles Lakers player, will retain control of the company following the acquisition, according to a release.
SpringHill, which James founded in 2007, has served as the engine for his media, television, and commercial activities.
In 2015, he utilized it to develop Uninterrupted, a media platform that allows athletes to express themselves more directly than traditional media allows.
According to the website Box Office Mojo, SpringHill also co-produced “Space Jam: A New Legacy,” a blockbuster starring James that was released in July and grossed $161 million worldwide.
SpringHill also produces documentaries, video series, and game shows, such as the NBC show “The Wall.” Consulting and event management are two of the company’s other divisions.
SpringHill plans to utilize the proceeds from the transaction to grow into new areas, including those outside of the United States, according to the company.
James’ fortune was estimated to be worth over $850 million by Forbes magazine last year. The 36-year-old forward is a four-time NBA champion and one of the best players in the game.