Reese Witherspoon’s Media Business to Be Sold for $900 Million
Actress Reese Witherspoon is selling her media business, Hello Sunshine, to a firm backed by Blackstone Group Inc. in an attempt to create more female-inclusive content.
According to the Wall Street Journal, Reese Witherspoon’s production company Hello Sunshine is being sold to an unnamed company that Blackstone Media backs. Witherspoon believes that her deal will help Hollywood create more stories told by and for women. The Legally Blonde star wrote on Instagram, “I started @HelloSunshine to change how 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.”
Witherspoon continued, “I couldn’t be more excited about what this means for our future. I am committed to continuing to create opportunities for filmmakers, authors, and creators of all backgrounds and experiences to tell their stories in their own way and reach more audiences who will see that their stories matter.”
The unknown venture that Blackstone is supporting will be run by Kevin Mayer and Tom Staggs, former Walt Disney Co. Executives. Witherspoon wrote on Twitter that she is “Thrilled to be working with @blackstone, Kevin, and Tom to grow a next-generation media company.”
What a tremendous day! I am deeply proud of the @hellosunshine team that got us to this incredible moment, and I’m thrilled to be working with @blackstone, Kevin, and Tom to grow a next generation media company. ☀️🎉 https://t.co/BuV8KUs3Xu
— Reese Witherspoon (@ReeseW) August 2, 2021
The terms of the deal are unknown, but sources say Hello Sunshine is valued at $900 million. The actress told CNBC that with this opportunity, “We’re just doubling down on our mission. Now we’re going to have the ability to tell more stories, to hire more female filmmakers, to promote and lift up even more authors.” Witherspoon’s company has included programs such as the HBO drama Big Little Lies, Hulu’s Little Fires Everywhere, and Apple TV’s The Morning Show, in which she stars. Witherspoon and Seth Rodsky founded the company in 2016.
“It just felt like a unique opportunity to really partner strategically to scale and grow and bring our mission to even more audiences worldwide,” says @hellosunshine Founder Reese Witherspoon @ReeseW on the decision to sell the production company. pic.twitter.com/Uxobrb462g
— TechCheck (@CNBCTechCheck) August 3, 2021
The production company wrote on Twitter, “Today #HelloSunshine starts its next chapter, which will enable us to tell even more entertaining, impactful and illuminating stories about women’s lives.” Witherspoon detailed the importance of the business deal: “This is a meaningful move in the world because it really means that women’s stories matter.”
Today #HelloSunshine starts its next chapter, which will enable us to tell even more entertaining, impactful and illuminating stories about women’s lives.
— Hello Sunshine (@hellosunshine) August 2, 2021
“This is a meaningful move in the world because it really means that women’s stories matter,” #ReeseWitherspoon told @wsj. https://t.co/XnEdORyqv1
She continued, “I’m going to double down on that mission to hire more female creators from all walks of life and showcase their experiences.” Blackstone is spending more than $500 million to purchase shares from investors. Witherspoon and Hello Sunshine investors will turn the remaining values into stakes in Mayer and Staggs’ new company. Witherspoon and Hello Sunshine Chief Executive Sarah Harden will join the board of the company.
Mayer said that the new company has an advantage over other major studios, which can only use their own streaming services because it can license programs to any studio or network. He said, “The big guys aren’t licensing their content outside of their own closed walled gardens. And that’s where a scaled, independent entity like ours can really have an advantage in the marketplace.”
Mayer and Staggs’ company will retain different values for each of Hello Sunshine’s past titles. Hello Sunshine is a co-owner of Little Fires Everywhere and therefore can sell them to other distributors. However, since Hello Sunshine is only a producer of Big Little Lies and The Morning Show, it doesn’t have co-ownership.
Hello Sunshine has been an influential business over the years, as its mission has always been to be more inclusive of women. It also operates Reese’s Book Club, which advertises feminist books to readers and holds events. The club and company’s strong relationship with women and female authors earned Hello Sunshine and Witherspoon spots on The Hollywood Reporter’s Women in Entertainment Power 100 list.
#HelloSunshine and @ReeseW are featured among amazing women in @THR‘s 2021 Women in Entertainment Power 100 list! 💪✨ https://t.co/L9KPmx1dPu
— Hello Sunshine (@hellosunshine) May 12, 2021
Fans on Twitter are applauding Witherspoon’s entrepreneurship.
reese witherspoon is an american treasure,, tn girls,, gotta love em
— Hunter (@hunter78744) August 3, 2021
Reese Witherspoon killing it on @CNBC. Amazing business person. Brilliant actress.
— Bruce Tennen (@BruceTennen) August 3, 2021
Reese Witherspoon out here making moves
— DiddyHovDre (@MIKESPECIALTEE) August 3, 2021
Reese Witherspoon just got the bag sheesh
— A. McCray of The Standouts (@adotmccray) August 3, 2021
Be sure to check out Hello Sunshine’s website for more information. Support Reese Witherspoon on Instagram and Twitter.
