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LeBron James, Maverick Carter's SpringHill raises $100 million

Dan Primack, author of Pro Rata

Photo: Harry How/Getty Images

SpringHill, a new media company co-founded by LeBron James and Maverick Carter, raised $100 million from Guggenheim Partners, UC Investments, Elisabeth Murdoch, and SC.Holdings.

Why it matters: James is viewed as the entrepreneurial role model by many of his NBA peers, helping spark league-wide interest in investing and starting new businesses.

  • Flashback: In 2016 I spoke with Carter about his media ambitions, during a Fortune conference panel that also included Draymond Green and then-Warner Bros Entertainment CEO Kevin Tsujihara. Video here.
  • The bottom line: "SpringHill is named for the Akron apartment complex where James and his mom moved when he was in sixth grade. It consolidates the Robot Co. marketing agency with two other businesses. The first, SpringHill Entertainment, is behind [NBC game show] The Wall and the movie Space Jam: A New Legacy. The second, Uninterrupted LLC, produces [HBO talk show] The Shop as well as Kneading Dough, an online partnership with JPMorgan Chase in which athletes talk about money to promote financial literacy." — Jason Kelly, Bloomberg Businessweek

Go deeper

Rebecca Falconer
19 mins ago - Energy & Environment

Toyota to build $1.3 billion U.S. battery plant in North Carolina

The all-electric Toyota bZ4X, the company's first battery-electric vehicle, at the Los Angeles Auto Show in Los Angeles, California on Nov. 17. Photo: Frederic J. Brown/AFP via Getty Images

Toyota announced Monday it's investing $1.3 billion to construct an electric vehicle battery "megasite" near Greensboro, North Carolina, set to open in 2025.

Why it matters: Toyota's Prius hybrid won environmental plaudits when it launched in 1997, but it has since lost ground to electric vehicle world leader Tesla, per Axios' Joann Muller. This battery plant will be the first to produce automotive batteries for Toyota in North America.

Go deeper (1 min. read)Arrow
Alayna Treene, author of Sneak Peek
2 hours ago - Politics & Policy

Congress hunts for shortcut to pass defense funding, debt limit combo

Senate Majority Leader Chuck Schumer returned to his office Monday. Photo: Anna Moneymaker/Getty Images

The scramble in Congress to pass the National Defense Authorization Act is being complicated by an effort to tie it to a needed hike in the federal debt limit.

Why it matters: The House and Senate are rapidly coming up against a series of deadlines they must address before the end of the year — or risk disrupting crucial military funding and upending the economy. Congressional leaders are now hoping they can knock out both "must-pass" priorities in one, complex swoop.

Go deeper (1 min. read)Arrow
Zachary Basu
3 hours ago - Politics & Policy

Scoop: Inside Jake Sullivan's call with U.S. hostages' families

Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

National security adviser Jake Sullivan spoke last week with relatives of U.S. hostages and others wrongfully detained abroad, after more than two dozen families expressed frustrations about their inability to get a meeting with him or President Biden, Axios has learned.

Why it matters: Participants on the video call, which began at 7pm ET Friday and lasted more than an hour, told Axios they didn't get satisfactory answers to many of their questions. Nonetheless, they were encouraged by Sullivan's commitment to follow up and pledge to be personally available to them and others going forward.

Go deeper (2 min. read)Arrow

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