Carmelo Anthony takes a page out of LeBron James’ $725 million media company to endow a $500 million venture
|Wed Aug 17 2022
Carmelo Anthony might be loitering around NBA teams as a fringe player at the moment. However, his investment mettle is legendary.
Carmelo Anthony is one of the most gifted scorers the NBA has ever seen. His sheer ability to get a bucket is transcendent. He sits 9th on the all-time scorer’s list, sitting less than 2000 points shy of the 30,000 mark.
But more than his ability to get a bucket and operate at remarkable efficiency is his ability to identify great business investments. Throughout his career, he has not missed a step when it comes to laying down great investments.
And it likely stems from the fact that his entourage includes LeBron James. The two were in the same draft class and have been close friends for more than 2 decades.
Safe to say Carmelo picked up some great habits. One of them is to invest in a media company. LeBron already owns one in the form of The Springhill Company, which is valued at $725 million!
Carmelo is an early investor and board member in the sports media company.
He entered at the 2019 Series B round.
Valuation at the time: under $100M.
Overtime current valuation: $500M. pic.twitter.com/9IOjZLOxKo
— Andrew Petcash (@AndrewPetcash) August 17, 2022
Carmelo Anthony’s investment in Overtime is reminiscent of LeBron’s venture into media
Anthony’s investment is nothing short of great. Overtime is growing at a rapid rate. At the time of investment, it had over 550 million views a month! This is across all social channels. They also had a 6 million strong subscriber base.
Carmelo and his investment group were part of a $23 million series B funding. The company was valued at $100 million at the time.
Online sports video platform Overtime has announced that it raised US$23 million in its Series B funding round with investment from the likes of Carmelo Anthony, MSG Networks and Andreessen Horowitz https://t.co/3A6g4RzhSL #SportsBiz
— SportsPro (@SportsPro) February 15, 2019
Fast forward to 2022 and Overtime is worth well over $500 million. Carmelo’s investment has done a 5x. For more stories like this, stay tuned to this space as we dig through our vault over the course of this off-season.