Wednesday, December 1, 2021

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Reese Witherspoon’s Hello Sunshine Company Sold for $900 Million to Media Company

Reese Witherspoon has reportedly sold her Hello Sunshine company for about $900 million to a media company backed by the private-equity firm Blackstone Group Inc.

Per Variety, Witherspoon and Sarah Harden, the CEOs, will join the board of the new company and will continue to oversee day-to-day operations. They will also remain significant equity holders.

Speaking about this feat in statement, Witherspoon  said:

“Today marks a tremendous moment for Hello Sunshine. I started this company to change the way all women are seen in media. Over the past few years, we have watched our mission thrive through books, TV, film and social platforms. Today, we’re taking a huge step forward by partnering with Blackstone, which will enable us to tell even more entertaining, impactful and illuminating stories about women’s lives globally.”

A brief history of the company, per Variety:

Hello Sunshine was founded in 2016 as a joint venture with AT&T’s Otter Media. It counts Laurene Powell Jobs’ Emerson Collective among its investors. Blackstone paid more than $500 million in cash to buy shares of Hello Sunshine, according to the Journal. It’s unclear if the pact and the valuation also encompass some kind of earn-out based on meeting certain performance benchmarks.

Hello Sunshine’s projects include the films “Gone Girl” and “Wild,” as well as “The Morning Show” and “Big Little Lies.” It also has the popular Reese’s Book Club. The company has recently moved into podcasting and into family entertainment — it has an upcoming slate of previously unannounced kids programming that it will produce for streamers.

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