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LeBron James is well-known as a cyclist and a cycling advocate—and now, he’s made an even bigger investment in cycling by investing in Canyon Bicycles through LRMR Ventures, owned by James and Maverick Carter. They were joined by SC Holdings, a US-based private equity firm focused on market-leading brands. This investment—a reported €30 million—will be primarily used to expand Canyon’s reach in the US.
Talks have progressed so rapidly that details are emerging on a massive agreement that would see the league’s annual rights fee more than double, with ESPN and Turner combining to pay more than $2 billion per year on average. One source said ESPN already has committed to pay “well over” $1 billion per year, and Turner is not far behind for a media rights extension that would kick in with the 2016-17 season.