SUMMARY
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Actress Reese Witherspoon sold her production and media company, Hello Sunshine, to an undisclosed media firm backed by global investment business, Blackstone Group Inc.
The Wall Street Journal, citing sources, said that the Academy award-winning actress’s company is valued at about $900 million.
The sale of Hello Sunshine to private-equity firm Blackstone is part of their plan to produce an independent entertainment company in line with Hollywood’s streaming era. In a statement, Witherspoon said that by partnering with Blackstone, they will be able to “tell even more entertaining, impactful, and illuminating stories about women’s lives globally.”
“I couldn’t be more excited about what this means for our future. I am committed to continuing to create opportunity for filmmakers, authors and creators of all backgrounds and experiences to tell their stories in their own way, and to reach more audiences who will see that their stories matter,” she added.
The board will include Witherspoon and Hello Sunshine Chief Executive Sarah Harden, who will both remain equity holders of the production house and supervisors of its daily operations.
The new media firm that will be acquiring Hello Sunshine will be led by former Walt Disney executives Kevin Mayer and Tom Staggs.
Hello Sunshine was founded by Witherspoon in 2016, aimed to create stories that center on women. The female-powered company has produced films and series such as Gone Girl, Hot Pursuit, HBO’s Big Little Lies, and Apple TV’s The Morning Show. – with reports from John Patrick Magno Ranara/Rappler.com
John Patrick Magno Ranara is a Rappler intern
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