A production company supported by James Corden, which is involved in the development of a £450m film studio in Sunderland, is set to merge with a business established by LeBron James.
The merger between The SpringHill Company and Fulwell 73, anticipated to be finalised in the coming weeks, will receive backing from Fenway Sports Group, RedBird Capital Partners, UC Investments, Nike, Epic Games, Main Street Advisors, and Eldridge Industries, as reported by .
As part of the agreement, current shareholders will invest $40m (£31.6m) of primary capital to support the companies' expansion plans. Fulwell 73 was launched in 2005 by brothers Gabe and Ben Turner, Leo Pearlman, and Ben Winston, with James Corden joining the team in 2017.
The company, which operates offices in London and LA, has produced shows such as The Kardashians, Friends: the Reunion, and Sunderland Til I Die, and is also responsible for the upcoming final episode of Gavin and Stacey, set to air this Christmas. Fulwell 73 is also spearheading plans to construct one of Europe's largest film studios.
Crown Works Studios in Sunderland received planning approval in March and is projected to cost £450m. The venture is a collaboration between Fulwell 73 and Cain International and will include 19 sound stages, offices, workshops, a vendor village, and a backlot.
James Corden’s Fulwell 73 on loss-making run
Earlier this year, City AM reported that Fulwell 73 recorded a pre-tax loss of £12m in the 12 months to 31 July, 2023, following a loss of £11.2m in the previous 12 months.
Fulwell 73 has reported an uptick in one of its core key performance indicators (KPIs), with gross profits climbing from £16.5 million to £25.1 million. This comes even though the company last recorded a pre-tax profit of £1.3 million for the year ending July 2021.
Despite this improvement, Fulwell 73 experienced a loss amid turnover growth from £78.6 million to £94.4 million, as stated in the accounts filed with Companies House.
With the announcement of a new collaboration, the focus areas have been outlined as television and film content, digital content via its network business, live events, and brand strategy through The SpringHill Company's New York-based brand consultancy firm, Robot.
The Fulwell 73 partners - Ben Winston, Leo Pearlman, Ben Turner, Gabe Turner, and James Corden - iterated in a joint statement: "Since Fulwell 73's inception, we've tried to make content that entertains, informs, and excites, while sparking conversations around the world."
Expanding on their shared vision with The SpringHill Company, they added: "That's the mantra at The SpringHill Company as well. 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."
They also expressed enthusiasm about adapting to significant changes in entertainment and broader global contexts: "We recognise the major shifts underway in entertainment and the world and we're excited to build a company with The SpringHill Company that's designed for the future."
Maverick Carter, CEO of The SpringHill Company, commented: "At The SpringHill Company, we've always given athletes, artists and brands a platform to tell meaningful and diverse stories in all forms and formats, from digital-native shows and IRL [in real life] experiences to streamed series and theatrically released movies."
"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."
"Like everyone, we see the ways audience behavior is shifting and the demands on storytellers are evolving."
"We are excited for those changes and feel ready to adapt alongside the Fulwell 73 team."
The SpringHill Company, co-founded by LeBron James and Maverick Carter, produces a wide array of content including feature films, TV series, YouTube shows, live tours, apparel, and consumer goods.
For this venture, The SpringHill Company sought counsel from LA-based Main Street Advisors and legal guidance from Gibson, Dunn & Crutcher.
On the other side, Fulwell 73 received financial advice from NewShore Partners in London and legal and tax advice from Frankfurt Kurnit Klein & Selz in the US, as well as Wiggin and Saffreys in the º£½ÇÊÓƵ.
