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LeBron James' media company SpringHill lost nearly $30million last year and is on pace to lose even more in 2024, according to a new report.
James co-founded the business in 2020 with longtime friend and manager Maverick Carter, and SpringHill has gone on to produce 'The Shop' for HBO and a 'Space Jam' remake, among other projects.
But as reported in Lucas Shaw's Bloomberg newsletter, SpringHill lost $28million last year despite sales of $104million.
The company has reportedly never been profitable.
Notably, SpringHill - which is set to merge with British film, TV and music company Fulwell 73 - is said to be planning a round of layoffs to its 250 employees.
LeBron James' SpringHill Company has yet to turn a profit and is set for a round of layoffs
James co-founded the company with his longtime friend and manager, Maverick Carter (left)
Fulwell is the production company behind 'The Kardashians' and the Grammys, and was also involved with Adele's 'One Night Only' live concert.
Bloomberg reported that SpringHill hopes to be turning a profit by the end of next year - following the staff cuts - and added that there will be another $40million of investment as part of the Fulwell agreement.
'The entertainment market shift in 2022/2023 toward profitability brought rising costs, slower buyer decisions, and impacts from industry strikes, prompting us to recalibrate, including writing off underperforming projects to position ourselves for future growth,' Carter told Bloomberg via email.
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He also said that the company is expected to exceed 2024 predictions.
Notably, James starred in 'The Shop,' a sports and culture talk show featuring other celebrities and athletes in a barbershop, while he also was the focus in 'Space Jam: A New Legacy.'
However, Carter said, 'We built this business with LeBron, not around him.'
He added that the Lakers star 'remains deeply engaged in driving the vision and mission he helped shape, focusing more actively on certain passion projects.'
SpringHill is currently co-producing a film starring Mark Wahlberg, as Deadline reported in August.
The movie, called 'Weekend Warriors,' will feature a father and autistic son traveling to every NBA arena as the boy decides which team to support.
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