Reese Witherspoon has sold her production company, Hello Sunshine for $900 million. The company has been bought by a media company owned by former executives of Disney backed by Blackstone Group Inc., a private equity firm.
Making the announcement on Monday, August 2 via Instagram, Reese, said, “What a tremendous day! I started @HelloSunshine 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. I couldn’t be more excited about what this means for our future.”
Witherspoon to Continue to Play an Active Role in Hello Sunshine
Witherspoon, 45, who plays critically acclaimed roles in films like “Legally Blonde” and “Walk the Line,” and recognition with an Academy Award, two Golden Globe Awards, a British Academy Film Award, a Screen Actors Guild Award, and a Primetime Emmy Award, set up Hello sunshine in 2016. Over the years, it has focused on creating stories with women at the center, feature films, TV, animated series, audio storytelling, podcasts besides being home to the Reese’s Book Club that has provided the fodder for many movies and limited series.
However, According to reports, Reese will continue to look after the day-to-day operations of Hello Sunshine along with her current senior management team, including Sarah Harden, CEO. Both Witherspoon and Harden will be on the board of the new media company owning by Kevin Mayer and Tom Staggs, both former Disney executives.
Sale a Fallout Of Intense Competition
The acquisition of Hello Sunshine by the new media company. Backed by Blackstone, is one of the fallouts of the intense war between video streaming giants. Like Netflix, HBO Max, and Disney+ forcing them to spend billions. On quality content for keeping their audiences hooked. However, In a statement, the global head of private equity at Blackstone, Joe Baratta, observed. “The rapidly growing demand for high-quality content is one of our firm’s highest-conviction investment themes.”
Reese to Continue Focus on Unique Storytelling
However, Reese, who created the venture in 2016. Said that her focus on offering unique stories through multiple media platforms will not waver. Moreover, The actor said that she was committing to continuing her efforts. To create opportunities for authors, content creators, and filmmakers from all backgrounds. To tell their stories from their unique perspectives and reach out to a discerning audience in larger numbers. Similarly, She went on to add, “This is a unique time in our world where the intersection of art, commerce, and media makes it possible for these creators to tell their stories, and Hello Sunshine is here to put a spotlight on their amazing creations.”
In a separate statement issued by Mayer and Staggs. The duo said that they were excited to partner with Reese, Sarah, and the team of Hello Sunshine. Moreover, They went on to add that they see Sunshine as a perfect fit for their vision of a next-gen entertainment company. With a focus on technology and commerce. Also, “We look forward to backing Reese, Sarah, and their world-class team. As they continue to produce and identify dynamic, engaging content for years to come.”