LeBron James may be in the thick of NBA Playoffs, but his off-court empire continues to look for big moves.
SpringHill Company, the media company James founded alongside Maverick Carter, is in talks to potentially buy Complex Networks, the hiphop and pop culture media outlet currently owned by floundering BuzzFeed - (BZFD), according to Insider.
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While there has been no offer put forward yet by SpringHill, nor a formal negotiation between the two sides, James’ firm has reportedly discussed offering $100 million for Complex, which is only a third of what BuzzFeed paid for Complex in 2021.
BuzzFeed CEO Jonah Peretti has “not been receptive to the idea,” a source told Insider. Peretti is still hoping to push forward with BuzzFeed and its brands, reportedly hoping to use AI to improve its content.
BuzzFeed has struggled since going public in December 2021. Its stock price is down over 35% in the last month driven by the shutdown of BuzzFeed News and layoffs of 15% of its staff.
SpringHill Company combined three of James and Carter’s brands -- SpringHill Entertainment, Uninterrupted, and Robot -- in 2020 and has produced works like Netflix’s ‘Hustle,' ‘SpaceJam: A New Legacy,’ and ‘Redeem Team.’ The company was valued at $725 million after its latest fundraising in late 2021.
