The SpringHill Company and Fulwell 73 have confirmed their merger and raised $40M from existing investors as they attempt to build clout in a challenged content market.

LeBron James' production firm The SpringHill Company has agreed to merge with Fulwell 73, the U.K.-based production company behind "The Kardashians," the firms said Monday. Why it matters: The deal gives both companies scale and global reach at a time when the entertainment industry is under enormous pressure to evolve.