SpringHill, the media company co-founded by NBA star LeBron James, reported a $28 million loss for 2023 on $104 million in revenue, according to a Bloomberg report. The company, which reported a $17 million loss in 2022 and has yet to turn a profit, continued to face challenges in 2024, along with the rest of the industry. However, it recently announced a new merger, and with it, hopes of profitability. Challenges in a Changing Market SpringHill’s struggles mirror those of other production companies founded during the streaming boom. As platforms
Mielle Organics, a leader in textured hair care, has announced its first-ever partnership with an HBCU athletic program, which includes a WNBA-led mentorship program for student athletes. Mielle partners with Hampton University Mielle Organics has pledged $300,000 to Hampton University’s women’s basketball. The multi-year partnership includes a $200,000 donation to Hampton Athletics and a $100,000 endowed scholarship through Mielle Cares, the company’s philanthropic arm. Additionally, Mielle is introducing a WNBA-led mentorship program, providing Hampton athletes with professional guidance both on and off the court. Investing in the Future of HBCU
Milwaukee Bucks star Giannis Antetokounmpo has launched a new venture capital firm, Build Your Legacy Ventures (BYL Ventures). Build Your Legacy Ventures This innovative firm aims to create growth in sports and entertainment industries by connecting founders with industry leaders. “This fund is not just about capital,” Antetokounmpo stated in a press release. “It’s about forging partnerships and opening my network to accelerate the growth trajectory for companies. I want to help other entrepreneurs, especially those who have faced barriers, to grow and succeed.” Backing Women in Sports BYL Ventures
Shaquille O’Neal, former NBA star and current sports commentator, has reportedly agreed to an $11 million settlement to resolve a class action lawsuit over his promotion of Astrals non-fungible tokens (NFTs). Shaq’s NFT Lawsuit And FTX Links Under Legal Scrutiny The settlement, awaiting court approval, also addresses separate claims linked to the collapse of cryptocurrency exchange FTX. The lawsuit was filed after investors alleged they suffered financial losses tied to Astrals NFTs, a collection of 10,000 digital collectibles promoted by O’Neal. Plaintiffs argued that his celebrity endorsement heavily influenced their
FightCamp, the at-home boxing and kickboxing fitness company backed by Mike Tyson and Usher, has revealed its new kick tracking technology. FightCamp’s Kick Tracking Tech Known for its real-time punch tracking, the platform now allows users to measure the speed, quantity, and intensity of their kicks, adding a new dimension to full-body workouts. “When you can track your progress, whether through punches or kicks, it pushes you to set and break personal records,” said CEO Khalil Zahar, who founded FightCamp to improve his own training. “Fitness becomes a challenge you
On the Oct. 18 premiere of Shark Tank’s 16th season, Destin George Bell, 26, pitched his gamified fitness app, Card.io, securing a $150,000 investment from FUBU founder Daymond John and venture capitalist Rashaun Williams. The app, which launched in 2022, combines fitness tracking with a social, team-based game experience, transforming outdoor workouts into competitive turf battles. Card.io has already attracted a following of over 25,000 users across 70 countries. Bringing Gamified Fitness to a Global Audience Inspired by his struggle to stay motivated during the pandemic, Bell created Card.io to
Myles Garrett, the Cleveland Browns’ defensive end, is investing in Johnson Energy Storage (JES), a company founded by former NASA scientist and National Inventors Hall of Fame inductee Dr. Lonnie Johnson. JES focuses on developing energy storage solutions, particularly a solid-state battery designed to outperform traditional lithium-ion technology. Garrett’s unexpected move into the tech world is driven by a shared vision with JES to innovate and make a long-lasting impact on environmental sustainability. “It’s a privilege to partner with Johnson Energy Storage to support their mission of transforming energy storage,”
Eastside Golf, the lifestyle apparel brand founded by two Morehouse College alumni has launched its debut collaboration with Nike. The highly anticipated footwear collection, part of their fall line titled Everyone’s Game, is another major milestone for the Black-owned brand. Olajuwon Ajanaku and Earl Cooper, both of whom are former members of Morehouse’s golf team are on a mission to inspire diversity within the golf community and reimagine how the sport is represented. Breaking Barriers With Nike Partnership At the heart of the Everyone’s Game collection are two new Eastside
New York Giants defensive end Kayvon Thibodeaux has been named a venture partner in The Collectiv, a new $20 million venture capital fund focused on early-stage sports tech companies and emerging leagues. Strategic Investment for Life After Football Thibodeaux’s partnership with The Collectiv reflects his broader ambition to establish a strong business presence while still actively competing in the NFL, as first reported by Spotico. The fund, which aims to raise $20 million over the next six months, includes a consortium of athletes, sports executives, and industry leaders from major
Shaquille O’Neal, the basketball star turned business mogul, is at the center of a class-action lawsuit linked to the Astrals NFT project. The case, which has captured public and legal attention, has recently moved forward following a ruling from the US District Court for the Southern District of Florida. The court’s decision granted partial progress for the plaintiffs, while dismissing other claims. Lawsuit Moves Forward with Mixed Results The core of the lawsuit revolves around O’Neal’s promotion of Astrals, a project featuring 10,000 3D NFT avatars and a decentralized autonomous
