- SpringHill is merging with Fulwell 73, and SpringHill co-founder Maverick Carter will become co-CEO of the combined company, along with Fulwell managing partner Leo Pearlman.
- SpringHill has largely focused on producing sports-related content, while Fulwell’s focus has been on broader entertainment, including producing “The Kardashians” and “Carpool Karaoke.”
- Investors include Fenway Sports Group, RedBird Capital Partners, UC Investments, Nike and Epic Games.
Los Angeles Lakers star LeBron James’ entertainment business, SpringHill Co., has agreed to a merger of equals with Fulwell 73, the British television, film and music production company behind shows including “The Kardashians” and “Carpool Karaoke.”
The deal was spearheaded by SpringHill co-founder Maverick Carter and Fulwell 73 co-founder Ben Winston, who have been friends for a decade after veteran TV producer Tom Werner introduced them, the two said in an interview with CNBC. Carter will be co-CEO of the combined company along with Leo Pearlman, Fulwell’s managing partner.
SpringHill has largely focused on sports content, producing “Starting 5,” a 10-part Netflix sports docuseries that follows James and other NBA players throughout the 2023-2024 season, and “Hustle,” a 2022 sports comedy-drama movie starring Adam Sandler. The deal will bring James’ company increased scale to strike larger deals with media companies and streaming platforms, Carter said.
“[Fulwell] makes shows we always wished we could do, and we just did not have that capability, in terms of unscripted productions around the world, fully scaled,” Carter said. “Now that jealousy goes away.”
Carter and Winston first began talking about merging about 13 months ago in a parking lot after having dinner together, said Winston, who added he always admired SpringHill’s ability to blend branding and content. The combined companies will use SpringHill’s New York-based brand consultancy firm Robot to build other business opportunities off its series and films, Winston said.
“It’s just a smart way of running an entertainment company in 2024,” Winston said of SpringHill’s blending of commerce and content.
The combined companies will be backed by investors including Fenway Sports Group, RedBird Capital Partners, UC Investments, Nike, Epic Games, Main Street Advisors and Eldridge Industries. As part of the transaction, existing shareholders will invest an additional $40 million to fuel growth initiatives, the companies said in a press release.
Source: Business - cnbc.com
