Reese Witherspoon’s five-year-old media company, Hello Sunshine, is expanding its reach. The starry entity, which was founded by Witherspoon in 2016, has been sold to a media firm backed by private-equity group Blackstone Group Inc, The Wall Street Journal reported on Monday. Hello Sunshine has reportedly been valued at $900 million, people familiar with the deal told WSJ.
The company, which has already spawned a film and TV production company, its own VOD network (complete with Witherspoon’s first-ever talk show, Shine on with Reese), and book club, centers on stories by and for women. Hello Sunshine has produced films such as Gone Girl and Wild and shows including HBO’s Big Little Lies, Apple’s The Morning Show, and Hulu’s Little Fires Everywhere. “I’m going to double down on that mission to hire more female creators from all walks of life and showcase their experiences,” Witherspoon said in a statement. “This is a meaningful move in the world because it really means that women’s stories matter.”
Reports began to circulate last month that Hello Sunshine was considering a sale and could receive a $1 billion valuation. The currently unnamed media partnership between Blackstone and Hello Sunshine will be headed by former Walt Disney Co. executives Kevin Mayer and Tom Staggs. Hello Sunshine is the first acquisition for the firm, which will retain Witherspoon and her company’s Chief Executive, Sarah Harden, as members of their board. Blackstone is reportedly shelling out more than $500 million in cash to purchase shares from Hello Sunshine’s investors.
The sale of Hello Sunshine to Blackstone is “part of a plan to build an independent entertainment company for Hollywood’s streaming era,” WSJ reports. It comes amidst a time when high-profile stars like Scarlett Johansson are bucking against the idea of their films debuting simultaneously on streaming and theatrically. Like projects of Hello Sunshine’s past, its upcoming slate includes adaptations of popular novels—the film Where The Crawdads Sing and Amazon series Daisy Jones and The Six.
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