Sources with knowledge of the process indicated it appears to be gaining momentum, but they did not specify the size of the stake or the total amount of the investment. When word surfaced earlier this year that SpringHill was in play, its valuation was pegged at about $750 million.
RedBird Capital has taken part in a string of sports media deals, including the Yes network acquisition and Dwayne Johnson and Dany Garcia’s purchase of the XFL. It is also an investor in Skydance, a prolific film and TV production outfit. Other entities in the mix to be part of the new investment in SpringHill include Nike and Fenway Sports Group.
People familiar with the negotiations expect James and Carter to remain in control of the company,