The NBA's LeBron James To Make Millions On Apple’s Beats Deal
June 12, 2014
The Miami Heat’s LeBron James is a spokesperson for Samsung mobile devices. He also owns a stake in Beats Electronics, which will net him millions after Apple’s acquisition of Beats is complete, according to ESPN.
In what is being described as the “biggest equity cash payout for a professional athlete in history,” James will net more than $30 million in cash and stock in the Beats sale. In 2008, James struck a deal with Beats to get a small stake in the company, in exchange for promoting the company’s high-end headphones.
It’s uncertain whether James will continue promoting Beats products once Apple’s $3 billion acquisition is completed later this year.
James isn’t the only NBA player with connections to Apple. In May, Kobe Bryant visited Apple’s Cupertino, California campus to discuss a possible endorsement deal on either the “iWatch” or the company’s upcoming Health app.
As noted by Fortune, Will.i.am also has a substantial equity stake in Beats, and will also make millions on the sale.
Last month, Apple announced it would buy Beats Audio, which includes Beats Music and Beats Electronics. As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple.
See also: Students 'Cool' With Apple Buying Beats Audio, In A Memo To Apple Employees, Tim Cook Touts A ‘New Chapter’ With Beats Purchase, and After Beats Audio Purchase, Should Apple Buy Netflix?
