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4 days ago
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The SpringHill Company and Fulwell 73 have confirmed their merger and raised $40M from existing investors as they attempt to build clout in a challenged content market.
Positioned as a merger of equals, the deal brings together NBA legend LeBron James‘ production outfit and the UK company behind Hulu’s The Kardashians and The Late Late Show With James Corden.
Financial terms of the arrangement were not disclosed, but the companies announced a raise from investors including Fenway Sports Group, RedBird Capital Partners, UC Investments, Nike, Epic Games, Main Street Advisors, and Eldridge Industries.
SpringHill CEO Maverick Carter and Leo Pearlman, Fulwell’s managing partner, will serve as joint CEOs of the newly formed outfit. The two companies are yet to alight on a name for the new venture.
Fulwell’s other partners — Gabe Turner, Ben Turner, Ben Winston, and James Corden — will all remain within the new business in senior leadership roles across creative and strategy.
Founded in 2005, Fulwell 73 boasts projects like ESPN’s Clutch: The NBA Playoffs, Friends: The Reunion, Gavin and Stacey, and Camila Cabello feature film Cinderella. SpringHill was founded by James and Carter in 2020. It is behind Disney+’s The Crossover, Netflix’s Rez Ball, and Space Jam: A New Legacy.
Pearlman said Winston and Carter have known each other for a decade and there have been informal conversations about collaborating in the past. Formal merger discussions between the two companies began around 10 months ago, he added.
Pearlman said the merger would help Fulwell build branding and direct-to-consumer propositions around its shows. He said series including Netflix’s Sunderland Sunderland ‘Til I Die and Clutch: The NBA Playoffs had untapped potential. “Do I think we’ve exploited those opportunities in the same way that SpringHill has been able to through Uninterrupted? No, absolutely not,” he said.
In a joint statement, Fulwell’s partners added: “Together, we’ll continue doing what we do best, and now we’ll do it as a global entertainment studio with more to offer our partners.”
Carter added: “We found like-minded partners in Fulwell 73, partners who understand this business and the critical importance of building opportunities for talent across the media and entertainment landscape.”
The SpringHill Company was advised by Main Street Advisors, as well as law firm Gibson, Dunn & Crutcher. Fulwell 73 was advised by NewShore Partners, as well as Frankfurt Kurnit Klein & Selz, Wiggin and Saffreys.
