LeBron James and his business partner have secured $100m (£90m) in investments for their media company which aims to empower black audiences.
SpringHill Entertainment, is headed by James with his business partner Maverick Carter as CEO. Serena Williams is among those on the board.
It describes itself as a media company with an unapologetic agenda that will give a voice to creators and consumers.
The company is named after the Ohio apartment complex James was raised in.
Funding for SpringHill Entertainment closed in March but was announced on Thursday, according to Variety.
The company is a result of three projects merged together – production company SpringHill Entertainment, digital media company Uninterrupted and the Robot Co, a marketing agency.
James said his team comprises of more than 100 employees, “64% people of colour and 40% female in an industry that averages 25%”.
In a statement, James said: “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.
“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.”
SpringHill Entertainment is already working on a film about basketball with Netflix. It is set to feature Adam Sandler.