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Wednesday, October 22, 2014

LeBron James reportedly made $30 million on Beats by Dre sale

LeBron Dre headphones Red Sox

LeBron James is not just a great basketball player, he’s also a savvy businessman.

According to a report from ESPN, LeBron was set to make around $30 million after Beats Electronics was bought by Apple for $3 billion.

LeBron got a small stake in the company in 2008 when he agreed to promote the brand. You may recall that he shared a lot of promotional photos on social media and gave the headphones away as gifts in order to receive publicity for the brand. A lot of that work paid off; Beats became a popular company and was eventually acquired by Apple.

This nugget of information was revealed in the context of LeBron possibly taking less money on his next NBA contract. The thinking is that since LeBron is doing so well in business deals/investments/endorsements, he can afford to take less because he can make up the money elsewhere. Additionally, sacrificing now by taking less money in order to win more championships can enhance James’ legacy, which would make him more valuable as a person and brand in the future.

Don’t think he hasn’t considered all of that. He’s obviously proven that he is a very smart person.



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