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LeBron James Receives $100 Million Investment To Build Media Empire

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LeBron James

LeBron James is known as one of the greatest NBA players of his time but he is also interested in expanding his empire and legacy beyond the world of basketball. His most recent projects center around producing content in television and film. Now, it has been announced that the NBA Legend will be receiving a huge investment to continue to build out his media empire.

James and business partner Maverick Carter have raised $100 million to expand their brand, SpringHill, into an extensive media conglomerate. The company will include multiple divisions including an athlete empowerment media and consumer product company called Uninterrupted, a culture brand agency called the Robot Company, and a production company. The large investment is being led by Guggenheim Investments, UC Investments, SISTER, and SC.Holdings.

“I’ve always wanted to use the platform of basketball to empower those around me. Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches,” said James in a press release according to Front Office Sports.

“The SpringHill Company defines empowerment. You see it in the team we’ve built, the stories we tell, and the community our work will serve.”

 

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Incredibly proud of today’s announcement! We started building this company almost five years ago and while I love every project we do and every story we tell…I’m most proud of our team and the message we are sending. Over 100 employees with 64% people of color and are 40% female in an industry that averages 25% (we will get to 50%). Our leadership team is a reflection of our entire organization. I want to thank everyone at The Springhill Company for believing in our vision! We closed this deal in March and I knew our work was going to keep getting more and more necessary. Let’s continue empowering others and striving for change and greatness. Some not pictured but surely not missing! We Are A Monster Team! 🚀👑

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Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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One pandemic, two recoveries: New Yorkers are three times more likely to be jobless than Nebraskans

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It’s going to take a long time to get out of this economic mess, but we’re making progress: Since the end of April, the economy has added more than 10 million jobs and the unemployment rate has fallen from its peak of 14.7% to 8.4%.

But that national recovery is unequal. Employment in some states is back to pre-pandemic levels, while others are at mass joblessness levels surpassing the 2007-09 Great Recession.

When the pandemic hit, the jobless rate in Nebraska soared from 4% in March to 8.7% in April. But the state’s nearly fully reopened economy has helped push the jobless rate back to 4% as of August.

The picture in New York, the epicenter of the pandemic in the spring, is far less rosy. It saw its jobless rate climb from 4.1% in March to a staggering 15.3% by April. It has since improved to 12.5% in August—a figure that is still above the U.S. peak of 8.9% jobless rate during the Great Recession era.

How can a New Yorker be three times more likely to be jobless than a Nebraskan?

States like Nebraska that are more rural and haven’t been as hard hit by the pandemic have almost fully reopened. Earlier this month Nebraska allowed outdoor gatherings to reopen at 100%, including sports stadiums and fairgrounds. And places like bars and tattoo parlors were reopened weeks ago.

Northeast states like New Jersey, New York, and Connecticut were hit hard by the virus in the spring and are reopening businesses at much slower rates. Case in point: Indoor dinning in New York City doesn’t start back until September 30, and that’s only at 25% capacity. That cautious approach explains why New York’s jobless rate remains so high.

While New York leads the nation at 33,092 lives lost to the pandemic, its case load and deaths are plummeting, according to Johns Hopkins University data. Only .9% of COVID-19 tests in New York are coming back positive compared to over 50% at one point in April. Nebraska has far fewer COVID-19 deaths (452), however, its positive rate is 12.6%—which is above the 10% threshold that adds incoming travelers to New York’s 14-day quarantine.

And joblessness in New York is also elevated by its large leisure and hospitality concentration. That sector was smashed by the pandemic, and has yet to rebound. Leisure and hospitality jobs in New York City alone are still down 48%. And that’s also why joblessness is still so high in tourism heavy California (11.4%), Hawaii (12.5%), and Nevada (13.2%).

While Florida also has a massive tourism industry, its jobless rate is only 7.4% in August which can be chalked up to a more aggressive reopening plan than states like Nevada or New York.

More must-read finance coverage from Fortune:

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