AppleInsider Staff
According to a report on Wednesday, Basketball superstar LeBron James saw a $30 million windfall on his small stake in Beats Electronics after Apple acquired the headphone maker for $3 billion in May.
Citing sources familiar with the matter, ESPN claims James struck a deal in 2008 to promote Beats' headphones in exchange for a small interest in the then-fledgling company. While the exact details are unknown, James' share of the firm netted him over $30 million in cash and stock when Apple purchased Beats Electronics and Beats Music for $3 billion last month.
According to the publication, the Miami Heat cager was in the process of finalizing the details of the payout in his off-court time during the NBA Eastern Conference finals, the tail end of which coincided with Apple's Beats announcement. The approximately $30 million sum is thought to be the largest equity cash profit ever for a pro athlete.
In a statement last week, Beats said they plan on using James in future ads despite his ties with Apple rival Samsung, though Apple has yet to weigh in on the matter. The NBA star has been featured in a number of Samsung ad campaigns including a cameo in last year's "The Next Big Thing" Super Bowl TV spot.
Most recently, James showed up in Beats' World Cup ad, which featured Brazilian soccer star Neymar da Silva Santos, Jr., better known as "Neymar Jr." As one of the first commercials to air after Apple's buyout, the spot showed the company's headphones attached exclusively to Apple devices, including the iPhone 5s.
Charles Martin
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75 Comments
Replace the word "endorser" with "paid shill" and you have the truth. He was bought to advertise, the same way he did with Beats. Sell out. I bet he uses an iPhone.
Someone will have to bear responsibility for this Beats non-sense. If Tim thinks that Apple users will rush to buy overpriced streaming subscriptions to add to the pool of the existing 110k Beats customers, he is deeply mistaken. I am thinking Cook is going out in 2-3 years.
New batch of FUDge, eh?
Great, so people who were willing to whore themselves out to Samsung, are now also going to be promoting for Beats, which is now Apple owned?
Yeah, go ahead, tell me how Apple can do no wrong, and tell me how this Beats deal is great for Apple. Like I said before, it's not just about the damn money. Tell me why I should feel that this news is positive? I think that it stinks.
I don't want any fake, clueless mofos to be getting money from both Samsung and Apple. They can go and screw themselves.
Apple is acquiring a company that apparently does not share the same philosophy that Apple has always had. Apple doesn't need any damn sports stars or sports celebrities to promote their products, and I find it ridiculous that somebody is making off with millions after being a paid shill for Samsung.
This is the kind of people that Apple wishes to be associated with? What crap.
Replace the word "endorser" with "paid shill" and you have the truth.
He was bought to advertise, the same way he did with Beats.
Sell out. I bet he uses an iPhone.
I know, it is terrible. I also heard he accepts money and gets *paid* to play basketball instead of doing it for the love of the sport. What a sell out.