It has been reported that the deal with Bibigo is set for five years and is worth $100 million USD with the Korean food company paying at least $6 million USD per year. With LeBron James leading the team and a championship contender, the Lakers franchise has become one of the NBA's biggest markets when landing sponsorships and advertising. The team carries immense weight when it comes to the organization's international reach and social media positioning. The Los Angeles Times has obtained a quote from Bibigo's parent company, CJ CheilJedang, "The Lakers are the No. 1 team in sports. The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people."