National Basketball Association superstar Kevin Durant and business partner Rich Kleiman on Tuesday announced the launch of a new advisory firm under the duo's Boardroom media company.
The firm, Boardroom Advisory, will operate on a yearly fee structure and work with athletes as well as executives and brands on creating business and sports ownership opportunities, content and more, the company said in a press release.
"What our team has built with Boardroom speaks for itself, and it was born out of many of the relationships we have cultivated along the way," Durant said in the release. "Boardroom Advisory is a natural extension of the brand, and is a way for us to bring our resources to other athletes."
The firm doesn't intend to compete with agencies and will work in tandem with athletes' preexisting representatives, a spokesperson for Boardroom said. The firm also isn't disclosing client details at the moment. It will rely on its extensive network to draw clients.
Durant is among a slew of superstar athletes to branch out in the sports media and entertainment world. NBA rival Lebron James' video production company SpringHill was valued at $725 million after the company sold a minority stake to investors. Soccer star Cristiano Ronaldo is one of the richest athletes in the world, whose social media influence makes him millions per post, due in large part to his $1 billion lifetime deal with Nike.
Durant and Kleiman founded Boardroom in 2019. The media brand covers the business behind media, sports and music. The company also produces original content. "The Boardroom," a series of roundtable discussions on ESPN+, ran for two seasons. The company's investment portfolio stretches to more than 100 early stage investments across the sports and business space.
Durant, a 13-time NBA all-star and former MVP, has played for the Golden State Warriors, Oklahoma City Thunder and the Brooklyn Nets. Now, he plays for the Phoenix Suns. Kleiman is Durant's long-time manager. The two co-founded 35V (35 Ventures), a sports, media and entertainment company, in 2016.
Business manager Lorenzo McCloud, who has worked with Philadelphia 76ers guard and former Durant teammate James Harden, will join the firm as director of talent relations.
Disclosure: CNBC partnered with Boardroom on the Game Plan conference over the summer.