The media production company founded by basketball player LeBron James has lost some $45 million over the past two years as they produce multiple movies with social justice themes.

SpringHill, which was launched four years ago by sports marketer Maverick Carter alongside the forward for the Los Angeles Lakers, lost roughly $28 million on $104 million in sales last year, lost another $17 million two years ago, and is expected to lose more this year, according to a report from Bloomberg. The outlet noted that the media venture has never turned a profit.

Carter said in comments to Bloomberg that the “entertainment market shift” in recent years “toward profitability” also induced “rising costs, slower buyer decisions, and impacts from industry strikes, prompting us to recalibrate, including writing off underperforming projects to position ourselves for future growth.” The chief executive asserted that the company, which has 250 employees, will exceed expectations and make a profit next year after a round of layoffs.

The report from Bloomberg noted that production companies built on the credibility and name recognition of celebrities have sometimes been overvalued and struggled to meet expectations.

Many of the movies released by SpringHill center on racial and social justice themes: Rez Ball was a film that featured a fictional team of Native American high school basketball players, while Black Ice was a documentary about the experiences of black hockey players in Canada.

The struggles of the production company come as major firms pivot away from their diversity, equity, and inclusion efforts amid a broad cultural backlash against the social justice movement, as well as pressure from conservative activists exposing the biases of such efforts.