Iger, Kushner Buy Lakers for $12.5 Billion

Bob Iger, former CEO of The Walt Disney Company, and Josh Kushner, founder of Thrive Capital, are reportedly set to acquire the Los Angeles Lakers for a record-breaking $12.5 billion. This valuation represents a 21% increase from the $10 billion valuation set just 14 months prior, when Mark Walter purchased a controlling stake from the Buss family. The deal, reported by ESPN on Wednesday, makes the Lakers the most expensive U.S. sports franchise ever sold. Iger and Kushner expressed their honor in becoming stewards of the iconic franchise, stating they have immense respect for the leadership and vision of Jerry and Jeanie Buss. Jerry Buss originally purchased the Lakers in 1979 and transformed professional basketball into a Hollywood spectacle, a style known as "Showtime" that became a global template for sports entertainment. Bob Iger, who spent his career leading one of the world's largest entertainment companies, is now acquiring the team that embodies the entertainment model pioneered by Buss. Iger stepped down as Disney's chief executive in March 2024, succeeded by Josh D'Amaro, and subsequently took an advisory role at Thrive Capital, Kushner's firm. Prior to this advisory role, Iger had served as a venture partner at Thrive Capital before being called back to Disney in 2022 to replace Bob Chapek as CEO. This means Kushner was already Iger's superior before the Lakers acquisition. Josh Kushner, 41, has established Thrive Capital as a prominent venture firm with early investments in major tech companies including Instagram, Spotify, Stripe, and OpenAI. He also launched Thrive Eternal earlier in 2024, a vehicle designed for permanent capital to acquire and hold minority stakes in sports teams. The Lakers' journey from Jerry Buss's vision of "Showtime" to this record-setting sale highlights the immense commercial value and cultural impact of sports franchises as entertainment properties. The "Showtime" era, characterized by celebrity attendees and a fast-paced, visually appealing style of play, set a precedent for how sports leagues could integrate with popular culture and entertainment, a strategy that has been widely emulated.